The Real Deal New York

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
April 01, 2018 01:14PM

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