BEIJING, 3 April 2008 — Emaar Properties of Dubai has signed an agreement with a Chinese company to explore project development in China.
A Memorandum of Understanding (MoU) to this effect was signed yesterday in Beijing between Emaar and Shanghai China-News Enterprise Development Limited in the presence of Sheikh Mohammed ibn Rashid Al-Maktoum, UAE vice president and prime minister and ruler of Dubai, who is currently visiting China.
As per the agreement, Emaar will explore mixed-use property and infrastructure development projects in key Chinese cities.
The Shanghai China-News Enterprise is a government entity and subsidiary of the People’s Daily Shanghai branch.
The strategic partnership between Emaar and the Chinese company marks one of the first public-private partnerships between the Chinese government and Dubai’s leading property developers, highlighting the increasing global role played by Dubai companies. It also reiterates Emaar’s expansion plans to China. Emaar had earlier marked a milestone in its expansion plans by being the first Middle East developer to open a full-fledged office in China in 2006. An investment arm of People’s Daily, Shanghai China-News Enterprise Development Limited has its primary focus on real estate business as well as interests in conventions, tourism and publishing. People’s Daily is one of the world’s top 10 newspapers and one of China’s most influential sources for local and international news. Details of the partnership will be announced shortly.
Mohamed Ali Alabbar, chairman of Emaar Properties, who signed the MoU on behalf of his company, said, “The high-level visit of Sheikh Mohammed has catalyzed trade partnerships between Chinese and UAE companies. China’s booming economy is a magnet for investment in a number of high-growth sectors including property.” He added: “China’s impressive economic growth has also propelled demand for property to meet the requirements of an estimated 400 million urban population. Emaar’s partnership with Shanghai China-News Enterprise Development Limited — a prime driver of inward investments to China — will explore opportunities for mixed-use projects as well as investments in education, healthcare, shopping malls and hospitality & leisure.”
