Beijing’s new mega airport enlists Dubai’s Emaar for $11 bln project

Beijing is set to open an eye-catching multi-billion dollar airport resembling a massive shining starfish, to accommodate soaring air traffic in China and celebrate the Communist government's 70th anniversary in power. (AFP)
Updated 22 July 2019

Beijing’s new mega airport enlists Dubai’s Emaar for $11 bln project

  • The agreement was signed during a state visit by UAE Crown Prince Sheikh Mohamed bin Zayed to China
  • Emaar will open two offices in Beijing and Shanghai

DUBAI: Dubai’s largest listed developer Emaar Properties has signed an agreement to help deliver an $11 billion project at the site of Beijing’s new mega airport, Emirati state news agency WAM reported on Monday.
WAM said Emaar had signed the deal with Beijing Daxing International Airport and that the project, which is expected to take 10 years, included residential and leisure facilities.
Emaar Properties did not immediately respond to requests for comment.
The value of the project includes the five square kilometers of land at the airport, WAM reported.
Beijing Daxing International Airport is due to open in September and will be able to handle 72 million passengers a year by 2025.
The agreement was signed during a state visit by Emirati crown prince Sheikh Mohamed bin Zayed to China.
Sheikh Mohamed has met with China’s President Xi Jinping and other officials, according to Emirati state media.
Emaar signed a preliminary agreement with Beijing New Aeropolis Holdings in May to jointly develop commercial, residential, and leisure facilities at the new airport.
In December, Emaar said it had started business development operations in China and would open two offices in Beijing and Shanghai.


Report: 2 Iranian lawmakers arrested for ‘disrupting’ market

Updated 12 min 27 sec ago

Report: 2 Iranian lawmakers arrested for ‘disrupting’ market

  • The report did not reveal if they have been charged with any financial crimes
  • Iran arrested several people since 2018 on corruption charges

TEHRAN: Iran’s semi-official Fars news agency says two lawmakers have been arrested for unspecified actions described as “disrupting” the country’s car market.
The report says the two lawmakers — Fereydoun Ahmadi and Mohammad Azizi — were initially taken to the Evin prison in Tehran but they were later released for about $85,000 in bail.
The report didn’t specify if the two have been charged with any financial crimes.
Iran is trying to crack down on corruption and has arrested several persons since 2018. Two prominent local businessmen have been hanged.
Iran’s economy nosedived since the US pullout from the nuclear deal last year. Prices of cars have skyrocketed as Western manufacturers pull out of the country and foreign-produced parts are becoming harder to find. China is trying to fill the void.