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The developer of the world’s tallest tower in Dubai will venture out to China as property demand falters at home.
Emaar Properties, the United Arab Emirates’ largest publicly traded developer, will partner with Beijing Daxing International Airport to develop an $11 billion project, the U.A.E.’s state-run WAM news agency reported.
The residential and leisure development will be built on a section of the airport’s area and should be completed in 10 years, WAM reported, citing an interview with Emaar’s Chairman Mohamed Alabbar.
OPEC’s third-biggest producer is deepening ties with China, with Emaar set to open an office in Beijing on Monday. The project was announced during a visit to China by Mohammed bin Zayed, Abu Dhabi’s crown prince and the U.A.E.’s deputy supreme commander of the armed forces. No additional details on the financing of the project were released.
The development won’t be Emaar’s first foray into China. The Dubai-based company started some operations in China back in 2018 and had plans to expand its Address hotel chain into the world’s most populous country. The developer has been struggling with slow demand for properties at home as prices decline amid a surge in the supply of homes.
©2019 Bloomberg L.P.
This article was written by Zainab Fattah from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.
Photo Credit: Dubai city. Christopher Pike, Bloomberg.
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