Dubai-based Emaar, Abu Dhabi-based Aldar team up for $8.1bn alliance

Firms will work together to develop local and international projects

Owners

Emaar Properties and Aldar Properties, the UAE's largest developers, on Tuesday announced an alliance reportedly worth AED30 billion ($8.1 billion).

The real estate giants will work together to develop projects locally and internationally.

Senior royals tweeted the news on Tuesday with Sheikh Mohammed bin Zayed, Abu Dhabi's Crown Prince, saying: “My brother Mohammed bin Rashid and I are delighted to launch a strategic partnership between Aldar and Emaar, consolidating our efforts to enhance the competitiveness of our companies and institutions globally."

Did you like this story?
Click here for more

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also tweeted that the alliance will "launch local and global urban destinations worth AED30 billion".

Initially, Aldar and Emaar will develop two projects - Saadiyat Grove on Abu Dhabi's Saadiyat Island and the Emaar Beachfront project, a private island in Dubai.

The joint venture aims at "cementing UAE's reputation for creating the world's most innovative developments," according to a statement issued by the Dubai Media Office.

 

For all the latest hospitality news from UAE, Gulf countries and around the world, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page.

Most Popular

Newsletter

Reports

Human Capital Report 2017

Human Capital Report 2017

The second annual Hotelier Middle East Human Capital Report is designed to explore the issues, challenges and opportunities facing hospitality professionals responsible for the hotel industry’s most important asset – its people. The report combines the results of Hotelier Middle East's HR Leaders Survey with exclusive interviews with the region's senior human resources directors.

Hotelier Middle East Housekeeping Report 2016

Hotelier Middle East Housekeeping Report 2016

The Hotelier Middle East Housekeeping Report 2016 provides essential business insight into this critical hotel function, revealing a gradual move towards the use of automated management and a commitment to sustainability, concerns over recruitment, retention and staff outsourcing, and the potential to deliver much more, if only the industry's "image problem" can be reversed.

From the edition

From the magazine