Dubai / Emirates Business
The UAEâ€™s Emaar Properties, the developer of the worldâ€™s tallest tower, has bought a stake in a South African project development and management consultancy, an Emaar spokesperson has confirmed.
The consultancy has delivered an estimated $6.43bn-worth of schemes across the African, Indian Ocean and Middle Eastern regions.
â€œEmaar has acquired a stake in Mirage Leisure & Development, a company with proven expertise in providing turnkey support for complex projects and having strong relationships with design consultancie, vendors and procurement managers,â€™â€™ the spokesperson said without giving details about the size or the value of Emaarâ€™s stake in the firm.
Mirage Leisure & Development has worked on many major schemes in the UAE, including the $2bn Bluewater and Dubai-I project for owner Meraas Holding; the $850m Deira Dubai Creek Waterfront project for the developer of the man-made Palm Islands Nakheel Properties; the Madinat Jumeirah project for Jumeirah Group; Emaarâ€™s $350m The Address Downtown, Armani, and Al-Manazil hotels; and the $830m St Regis Resort on Saadiyat Island, owned by Abu Dhabiâ€™s Tourism Development Investment Company (TDIC).