Emaar mulls JV with Dubai Holding for new project

Reuters/Dubai

Emaar Properties will form a joint venture with conglomerate Dubai Holding to build a 6.5mn sq m “urban district” in the emirate, the developer said in a statement yesterday.

The new project, Dubai Creek Harbor, will include a business district, shopping, sporting and entertainment facilities, according to the statement. Emaar said it was in the final stages of negotiations with Dubai Holding for the project.

Emaar, Dubai’s largest listed developer, is part government-owned, while Dubai Holding is part of the Dubai ruler’s business empire.

Separately, Emaar said on Saturday that it formed a joint venture with Meraas Holding to build a huge residential and commercial area near the city’s downtown area.

Separately, Dubai construction firm Arabtec said yesterday that a consortium led by the company had won a $629mn contract to build the first phase of a tourism project in Jordan.

The contract to build Saraya Aqaba was awarded to a consortium of Arabtec, Dubai contractor Drake & Scull and Consolidated Contractors Co, Arabtec said in a statement on Dubai’s bourse.

The project comprises 634,000sq m of development around a man-made lagoon, with about 1.5km (0.9 miles) of beachfront. The project’s total cost will be $1bn, the statement added.

The development, to be delivered in 28 months, will include four international hotels including Jumeirah International and Starwood Hotels facilities, as well as a water park.