Emaar plans two massive projects in Dubai
Dubai, June 9, 2013
Emaar Properties, a leading Dubai property developer, has announced two multi-billion dollar projects in a span of just two days in the emirate, in joint venture with two leading conglomerates.
Emaar will form a joint venture with Dubai Holding to build a 6.5 million sq m "urban district" in the emirate, the developer said in a statement on Sunday.
The statement followed an announcement on Saturday that it has formed a joint venture with Meraas Holding to build a huge residential and commercial area near the city's downtown area.
The project with Dubai Holding, named Dubai Creek Harbor, will include a business district, shopping, sporting and entertainment facilities, according to the statement. Emaar said it was in the final stages of negotiations with Dubai Holding for the project.
Emaar, Dubai's largest listed developer, is part government-owned, while Dubai Holding is part of the Dubai ruler's personal business empire.
Emaar Properties and Meraas Holding, both backed by the Dubai government, plan to build a commercial centre, low- and mid-rise residences, an 18-hole golf course and other facilities over 11 million sq m (2,700 acres).
The project will be a cornerstone of the the Mohammed bin Rashid City, a tourism and retail district announced last November by Dubai's Ruler Sheikh Mohammed bin Rashid Al-Maktoum.
The two companies did not say how much they expected the project to cost, how it would be financed or when it would be completed. Analysts have estimated such projects will cost billions of US dollars.
Emaar also said on Saturday that it was expanding the Dubai Mall, one of the world's largest shopping malls, by building a new area of stores selling branded luxury goods.
The expansion will allow the mall to accommodate over 100 million visitors annually, the company said. It attracted about 65 million visitors in 2012, and a quarterly record of 20 million visitors in the first three months of this year. - Reuters