Dubai-based Emaar, Abu Dhabi-based Aldar team up for $8.1bn alliance
Firms will work together to develop local and international projects
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."
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.