In a first for two of the UAE’s largest property developers, Dubai-listed Emaar and Abu Dhabi-listed Aldar have signed a joint venture initially focusing on two projects. The move 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, with a targeted AED 30 billion national and international development pipeline will act as a catalyst for other potential co-investment opportunities between the developers, according to a statement from Aldar Properties.

In the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Mohamed bin Zayed Al Nahyan, as well as senior government officials from Abu Dhabi and Dubai, the historic JV was signed by Chairman of Aldar Properties, His Excellency Mohamed Khalifa Al Mubarak, and Chairman of Emaar Properties, His Excellency Mohamed Alabbar.

The Chairman of Aldar Properties said: "Without doubt, the joint venture will expand the country's portfolio of iconic real estate projects and there is no limit to the development possibilities created by the JV partnership between Aldar and Emaar. Individually, we have developed some of the world's most awe-inspiring buildings and together, we have an incredible proposition that will contribute to achieving our national vision and make the UAE an even more exciting place to live and visit."

The joint venture will initially focus on two projects – one in Dubai and one in Abu Dhabi.

The master-planned destination in Abu Dhabi will be in one of the country's most valuable locations, 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. 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. The mixed-use development is set to open in 2021. 

The second project is a new waterfront destination in Dubai, Emaar Beachfront. The private island on the Arabian Gulf will feature a wide range of leisure and lifestyle attractions including food and beverage outlets, beachside play areas, and retail pop-ups set along a promenade. Residents of Emaar Beachfront, comprising approximately 7,000 residential units, have access to a 1.5 km private sandy beach. The sale of the first residences in Emaar Beachfront launched this year, all 375 residences launched sold out according to Emaar.

For further information, email Emaar or Aldar Properties via the contact details below.

See also:

AED 1.3 billion main contract awarded for Water’s Edge development on Yas Island

Aldar readies multiple new developments for handover to customers

Abu Dhabi waterfront development sells out generating over AED 800 million