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Dubai’s Emaar, Beijing Daxing airport sign deal for $11bn project

Dubai’s Emaar, Beijing Daxing airport sign deal for $11bn project

The agreement was signed on the sidelines of a state visit by Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed

Dubai’s largest listed developer Emaar Properties has signed an agreement to help deliver an $11bn 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 kilometres 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 Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al-Nahyan to China.

Also read: In pics: Sheikh Mohamed bin Zayed meets Chinese President Xi Jinping in Beijing

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.

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