In the presence of Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, and Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Emaar Properties and Aldar Properties signed an agreement today in Dubai to establish a partnership and launch local and global urban destinations valued at 30 billion dirhams. The agreement was signed by Mohamed Alabbar, Chairman of Emaar Properties, and Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties.
Under the signed agreement, Aldar and Emaar will collaborate on the development of two projects: “Saadiyat Grove” in the heart of the cultural district on Saadiyat Island and the “Emaar Beachfront” project, a private island in Dubai located between “Jumeirah Beach Residence” and ”Palm Jumeirah.”
The “Saadiyat Grove” mixed-use development, expected to open in 2021, will feature approximately 2,000 residential units, two world-class hotels, and 400 hotel apartments, in addition to retail and entertainment spaces covering an area of 130,000 square meters.
In Dubai, Aldar will partner with Emaar to develop the new destination, “Emaar Beachfront,” a private island in the Arabian Gulf that will feature a variety of entertainment destinations, including restaurants, cafes, beach playgrounds, and retail outlets spread along the waterfront promenade. Residents of “Emaar Beachfront,” which comprises 7,000 residential units, will have access to a 1.5-kilometer-long private sandy beach.
The “Emaar Beachfront” project is located on King Salman bin Abdulaziz Street in the area between “Jumeirah Beach Residence” and ”Palm Jumeirah,” and is directly accessible from Sheikh Zayed Road and Dubai Marina, allowing residents to be part of the “Dubai Harbor” project, which is being developed by Meraas and features a waterfront shopping center as well as the largest marina in the Middle East with a capacity of more than 1,100 boats, as well as a yacht club, luxury hotels, shops, restaurants, and recreational facilities.
The strategic partnership between Aldar and Emaar will focus on developing destinations in a number of attractive areas across the UAE, where they will launch integrated development projects, according to an official statement issued by both parties.
