Emaar Properties and Meraas Holding will jointly develop the first phase of the multi-billion-dollar Mohammed Bin Rashid City (MBR City) in Dubai, which is hoped to revitalize the property market in Dubai.
The Dubai Hills Estate, a mixed-use development with an 18-hole golf course will be established on prime land, spanning more than 2700 acres located in Downtown Dubai.
The MBR City is a mega-tourism and retail complex, which grew with the support of stronger trade and tourism amidst signs of recovery in the real estate market.
The Meraas Group Chairman, Abdulla Al Habbai, said that Dubai Hills Estate will add incredible value to real estate sector and economy of Dubai.
Meraas is linked to the ruler of Dubai, while the Investment Corportation of ly Dubai, is a government-owned investment vehicle with 31% stake in publicly traded Emaar.
Emaar, in its statement, said that the final stages of negotiation with Dubai Holding (another company owned by the Ruler of Dubai), is underway to jointly develop 6.5mn square meters Dubai Creek Harbour project in MBR City. More financial details of this project are yet to be revealed.