Emaar Properties PJSC signed a joint venture agreement with Aldar Properties PJSC to develop real estate projects worth an aggregate 30 billion United Arab Emirates dirhams, in the UAE and internationally.
The move was confirmed by UAE Vice President and Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
The joint venture's inaugural projects will be Saadiyat Grove on Abu Dhabi's Saadiyat Island and Emaar's Beachfront island development in Dubai.
Saadiyat Grove is set to open in 2021 and will include 2,000 residential units, two hotels and 400 serviced apartments. The project is expected to encompass 130,000 square meters of lifestyle and retail space when complete.
Emaar Beachfront is a private island with roughly 7,000 residential units and a wide range of leisure and lifestyle features.
As of March 19, US$1 was equivalent to 3.67 United Arab Emirates dirhams.