The JV is initially focused on two mega projects: Saadiyat Grove in Abu Dhabi and Emaar Beachfront
Abu Dhabi-based developer Aldar Properties is in the “final stages” of finalising the structure of its joint venture with Emaar Properties, according to Aldar CEO Talal Al Dhiyebi.
Announced in March 2018, the JV between the two real estate giants – worth $8.1 billion – will see the two work together to develop projects locally and internationally.
“We’ve advanced those discussions significantly with Emaar and are in the final stages of finalising the structuring of the JV,” Al Dhiyebi told Arabian Business.
Initially, the JV is focused on two mega-projects: Saadiyat Grove on Abu Dhabi’s Saadiyat Island and the Emaar Beachfront project, a private island in Dubai.
“The designs of both those projects is well underway and we hope to have further announcements very soon,” he added. “For the time being, the focus is on delivering those two projects.”
Additionally, Greg Fewer, Aldar’s chief financial officer, said that Aldar is ‘scouting’ for opportunities in the warehousing and logistics sector, although to date nothing has materialised.
“It’s a sector that we continue to look at and think is very exciting,” he said. “We see a lot of opportunities in the market, but we need to make sure that we make an investment that’s in agreement with the current portfolio we have…..we hope to see more opportunities in 2019.”
Fewer added that Aldar has no plans to raise more financing, following last year’s $500 million sukuk and the extension of existing debt facilities.
“Our business plan is fully funded for 2019 and beyond,” he said. “We have a strong cash position with almost AED 5 billion of undrawn liquidity.”For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.