Two of the largest real estate developers in the UAE - Dubai-based Emaar Properties and Abu Dhabi-based Aldar Properties -- have entered into a strategic alliance to develop projects worth Dh30 billion locally and internationally.
“My brother Mohammed bin Rashid and I are delighted to launch a strategic partnership between Aldar and Emaar, consolidating our efforts to enhance the competitiveness of our companies and institutions globally,” said HH Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in a Twitter message.
In a tweet, HH Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, said: "Witnessed the signing of an agreement between Aldar Properties and Emaar to establish a partnership and launch local and international construction projects worth Dh30 billion. The cooperation of our national companies is a strength of the nation."
According to the agreement, signed by Aldar and Emaar officials in Dubai, the two companies will participate in developing two projects, Saadiyat Grove in the heart of the cultural district on Abu Dhabi's Saadiyat Island, and the Emaar Beachfront project, a private island in Dubai located between Jumeirah Beach Residence and Palm Jumeirah, said a report in The National newspaper.
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