State-backed Abu Dhabi and Dubai developers launch new $8.2B joint venture

The UAE's leading emirates will develop local and foreign projects together

Apr.April 01, 2018 01:14 PM

From left: Dubai Ruler and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid al-Maktoum, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. (Credit from left: World Economic Forum, Imre Solt)

Two of the United Arab Emirates’ most prolific developers, Emaar Properties and Aldar Properties, are teaming up.

Through a recently-announced $8.2 billion joint venture the developers will spearhead two mixed-use waterfront projects — one in Dubai, one in Abu Dhabi — with a combined total of almost 10,000 residential units, according to Reuters. Details of other projects were not released.

Dubai-based Emaar and Abu Dhabi-based Aldar both are linked to their respective ruling governments; the emirates of Dubai and Abu Dhabi in turn lead the federated country, which is made up of a total of seven emirates. Reuters reports prices for residential property in the UAE have fallen in recent years with no expectation of upcoming change due to oversupply.

Emaar and Aldar are responsible for headline-grabbing developments, which respectively include the world’s tallest building in the world, the Burj Khalifa, and the Yas Marina Circuit, where Formula One races are held. [Reuters]Erin Hudson

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest