DUBAI: 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 yesterday.
Emaar Properties and Meraas Holding, both backed by the Dubai government, plan construction of a commercial
center, low- and mid-rise residences, an 18-hole golf course and other facilities over 11 million square meters (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 2008-2010 crash.
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 US dollars.
