UAE's Emaar, Aldar to launch $8 bln worth projects

A new joint venture between UAE's two listed property developers Emaar Properties and Aldar Properties will launch local and international projects worth AED 30 billion ($8.2 billion), Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum said in a tweet on Tuesday.

.@HHShkMohd & @MohamedBinZayed attend announcement of strategic partnership between Abu Dhabi's Aldar and #Dubai's Emaar to create world-class lifestyle destinations with a targeted AED 30 billion national and international development pipeline. #UAE pic.twitter.com/YxAOhqHYIe

— Dubai Media Office (@DXBMediaOffice) March 20, 2018

The companies will co-develop two projects: Saadiyat Grove in Abu Dhabi's Saadiyat Island, and the Emaar Beachfront, a man-made island development in Dubai located near Palm Jumeirah.

The joint venture aims at “cementing UAE's reputation for creating the world's most innovative developments,” the Dubai Media Office said in a statement.