Emaar buys stake in SA firm


Dubai / Emirates Business

The UAE’s Emaar Properties, the developer of the world’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.
“Emaar 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,’’ the spokesperson said without giving details about the size or the value of Emaar’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; Emaar’s $350m The Address Downtown, Armani, and Al-Manazil hotels; and the $830m St Regis Resort on Saadiyat Island, owned by Abu Dhabi’s Tourism Development Investment Company (TDIC).

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