DUBAI, June 8 Two of Dubai's biggest real estate
developers have formed a joint venture to build a huge
residential and commercial area near the city's downtown, the
companies said on Saturday.
Emaar Properties and Meraas Holding, both backed
by the Dubai government, plan construction of a commercial
centre, low- and mid-rise residences, an 18-hole golf course and
other facilities over 11 million square metres (2,700 acres).
The project will be a cornerstone of a planned tourism and
retail district announced last November by Dubai's ruler, Sheikh
Mohammed bin Rashid al-Maktoum. Over the past year, the
emirate's property market has begun recovering strongly from its
The two companies did not say how much they expected their
project to cost, how it would be financed or when it would be
completed. Analysts have estimated such projects will cost
billions of U.S. dollars.
Emaar also said on Saturday that it was expanding the Dubai
Mall, one of the world's largest shopping malls, by building a
new area of stores selling branded luxury goods.
The expansion will allow the mall to accommodate over 100
million visitors annually, the company said. It attracted about
65 million visitors in 2012, and a quarterly record of 20
million visitors in the first three months of this year.
(Reporting by Andrew Torchia)