USD 8 billion joint venture between Emaar and Aldar to kick off projects in Dubai and Abu Dhabi

USD 8 billion joint venture between Emaar and Aldar to kick off projects in Dubai and Abu Dhabi

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A joint venture (JV) between Aldar Properties (Aldar) and Emaar Properties (Emaar) to develop an USD 8 billion development pipeline.

In a first for the country’s leading developers, the JV 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 JV will initially focus on two projects – one in Dubai and one in Abu Dhabi, demonstrating the co-investment between the two developers. The master-planned destination in Abu Dhabi will be situated on Al Saadiyat Island, named 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 square meters of experiential lifestyle and retail space, designed with a focus on the lifestyles of the future and millennials. It will further enhance the appeal of Abu Dhabi and cement the standing of the Emirate’s Cultural District as a leading destination for the arts and an enviable residential location.

The second project is the new waterfront destination, Emaar Beachfront. The private island, by the Arabian Gulf, will feature a wide range of leisure and lifestyle attractions including F&B outlets, beachside play areas, and retail pop-ups set along a promenade, and more. Residents of Emaar Beachfront, comprising approximately 7,000 residential units, have access to a 1.5 km private sandy beach.

Located off King Salman bin Abdulaziz Al Saud Street, in the area between Jumeirah Beach Residence and Palm Jumeirah, Emaar Beachfront has direct access to Sheikh Zayed Road and Dubai Marina. Residents will be within close proximity of Dubai Harbour, currently under development by Meraas, which will feature a waterfront shopping mall, the Middle East’s largest marina with over 1,100 berths, a yacht club, luxury hotels and a choice of retail, dining and entertainment attractions.

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