Aldar, Emaar to launch projects worth $8.2bn

DUBAI / WAM

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Tuesday attended the announcement of a joint venture between Aldar Properties and Emaar Properties to develop the world’s next era of iconic destinations that will shape the UAE’s ever-evolving skyline.
His Highness Sheikh Mohammed bin Rashid highlighted the importance of cooperation between the UAE’s two leading developers. “We are happy to witness the signing of this partnership, which will contribute to our development journey and help enhance the UAE’s position as a tourism destination of choice. We have great ambitions and we are confident our national firms have the capabilities to achieve them. We want our companies to be at the forefront of our development and collaborate with each other to explore creative ideas for strengthening the UAE’s leadership, and enhancing the happiness and quality of life of our people.”
His Highness Sheikh Mohamed bin Zayed applauded the major partnership between the two firms, and wished them success in promoting growth and excellence. “This partnership aims to create new opportunities for investme-nt growth, and identify innovative projects that can enhance the UAE’s leadership and competitiveness,” HH said.
In a first for the country’s leading developers, the joint venture signifies the strong bond between Abu Dhabi and Dubai as they seek to cement the UAE’s reputation for creating the world’s most innovative developments.
The joint venture, with a targeted AED30 billion ($8.2 billion) national and international development pipeline and an initial focus on two projects, brings together the capabilities of the coun-try’s leading developers to deliver exceptional destinations, designed with a focus on people and future lifestyle trends. It also acts as a catalyst for other potential co-investment opportunities between the developers in Abu Dhabi and Dubai.
The joint venture will initially focus on two projects — one in Dubai and one in Abu Dhabi, demonstrating the co-investment between the developers. The master-planned destination in Abu Dhabi will be situated in one of the country’s most strategic and valuable locations in the heart of Emirate’s Cultural district on Al Saadiyat Island, Saadiyat Grove. The development is set to become Abu Dhabi’s most coveted address, serving as a hub for visitors to three world-class museums as well as residents of the island. The development will provide a pivotal link between the Louvre Abu Dhabi, which opened to international acclaim in November 2017, as well as the planned Zayed National Museum, the UAE’s first national museum, and the Guggenheim Abu Dhabi.
Set to open in 2021, the mixed-use development will feature close to 2,000 residential units, two world-class hotels, 400 serviced apartments and 130,000 sqm of experiential lifestyle and retail space, designed with a focus on lifest-yles of future and millennials.
It will further enhance appeal of Abu Dhabi and cement the position of the emirate’s Cultural District as a leading destination for arts and an enviable residential location.
The second project is the unique new waterfront destination, Emaar Beachfront. The private island, by the Arabian Gulf, will feature a wide range of leisure and lifestyle attractions including food and beverage outlets, beachside play areas, retail pop-ups set along a promenade, and more.