Dubai’s Emaar Properties and Abu Dhabi’s Aldar Properties in March announced a strategic alliance “to develop the world’s next era of iconic destinations” with a targeted Dh30 billion national and international development pipeline.
It is by far the biggest collaboration between developers from different emirates to date and is likely to bring them both cost savings on jointly developed projects at a challenging time for the UAE real estate industry.
Immediately after the announcement in March, shares in both Aldar and Emaar Properties jumped, with Aldar, listed on the Abu Dhabi Securities Exchange, rising by as much as 6.5 per cent, while Dubai Financial Market-listed Emaar rose by up to 3 per cent.
The alliance was predicted to boost investor confidence, analysts said at the time. "Such partnerships will continue to show the maturing nature of the UAE's property market and the growth in investments from recognised developers bodes well for the future outlook as it provides a degree of confidence to investors," Taimur Khan, Dubai-based senior analyst at real estate consultancy Knight Frank, told The National. And JLL Mena's head of research Craig Plumb said the market would be eagerly awaiting details of the duo's project pipeline.
The alliance will initially focus on two UAE-based projects, Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai. Saadiyat Grove, set to open in 2021, is a mixed-use development comprising around 2,000 residential units, two hotels, 400 serviced apartments and 130,000 square metres of “experiential lifestyle and retail space” aimed at millennials.
Emaar Beachfront, a private island situated between Dubai’s Jumeirah Beach Residence and Palm Jumeirah, will consist of around 7,000 residential units with access to a 1.5 km private beach. Aldar chief executive Talal Al Dhiyebi told reporters in April that the alliance would aim to expand internationally in the coming years.
With residential sales and rental prices forecast to continue their decline throughout 2018, news of the partnership has proven no panacea for the current market slowdown. However, this partnership (Aldar/Emaar), as well as the Savills/Cluttons news, gives developers confidence that industry collaboration is possible – perhaps crucial – for delivering schemes that meet market demand.
Company%20Profile
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Forced%20Deportations
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Violence%20
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LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)
Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test India won by innings and 53 runs at Colombo
- 3rd Test August 12-16 at Pallekele
COMPANY%20PROFILE%20
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The%20specs
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
A%20MAN%20FROM%20MOTIHARI
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The%20Afghan%20connection
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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COMPANY%20PROFILE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan