Aldar and Emaar to form $8bn historic developer JV
Super-developer JV starts with Emaar Beachfront and Saadiyat Grove projects
Two of the region’s leading developers have announced that they are to form a joint-venture in an historic deal to develop “the world’s next era of iconic destinations that will shape the UAE’s ever-evolving skyline”.
Agreeing to work on projects both in the UAE and internationally, it is the first time that the two developers have cooperated together.
According to a statement publicising the agreement, the JV will initially focus on two projects in Dubai and Abu Dhabi, “demonstrating the co-investment” between the two 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 two companies said in the statement. “The JV, with a targeted $8 billion national and international development pipeline and an initial focus on two projects, brings together the capabilities of the country’s leading developers to deliver exceptional destinations, designed with a focus on people and future lifestyle trends. It also acts as a catalyst for other potential co-investment opportunities between the developers in Abu Dhabi and Dubai.”
The location for the Abu Dhabi development will be in the heart of the Emirate’s Cultural district on Al Saadiyat Island. Called Saadiyat Grove the mixed-use development is described as a visitor hub which will link the recently opened Louvre Abu Dhabi with the planned Zayed National Museum, the UAE’s first national museum, and the Guggenheim Abu Dhabi.
The statement said the second project will be a unique new waterfront destination, Emaar Beachfront. 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. The private island, by the Arabian Gulf, will feature a wide range of leisure and lifestyle attractions including F&B outlets, beachside play areas, 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.
The JV was signed 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 His Excellency Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, and His Excellency Mohamed Alabbar, chairman of Emaar Properties.
“We are happy to witness the signing of this partnership, which will contribute to our development journey and help enhance the UAE’s position as a tourism destination of choice,” said His Highness Sheikh Mohammed bin Rashid. “We have great ambitions and we are confident our national firms have the capabilities to achieve them. We want our companies to be at the forefront of our development and collaborate with each other to explore creative ideas for strengthening the UAE’s leadership, and enhancing the happiness and quality of life of our people.”
His Highness Sheikh Mohamed bin Zayed applauded the major partnership between the two firms, and wished them success in promoting growth and excellence. He added that the partnership aims to create new opportunities for investment growth, and identify innovative projects that can “enhance the UAE’s leadership and competitiveness.”
His Excellency Mohamed Khalifa Al Mubarak 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.”
His Excellency Mohamed Alabbar added: “This joint venture is a strong testament to the spirit of partnerships that have contributed to establishing the UAE as a global hub for business and leisure. The world-class lifestyle destinations that we develop will add to the civic pride of the nation, and further enhance its appeal as an investment and lifestyle destination. We are drawing on our proven competencies in delivering high quality master-planned communities that have not only redefined lifestyles but also created tremendous economic value for our country. This partnership sends a powerful message that the UAE is at the forefront in shaping global real estate trends, and also signifies the unbreakable bond between the two emirates.”
