PROPERTY

Emaar ties up with Dubai Holding for new development

Emaar Properties announced joint ventures with Dubai Holding and Meraas Holding. (File photo: Reuters)

Emaar Properties will form a joint venture with conglomerate Dubai Holding to build a 6.5 million square meter “urban district” in the emirate, the developer said in a statement on Sunday.

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 personal 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.

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Last Update: Sunday, 9 June 2013 KSA 10:35 - GMT 07:35
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