Emaar Properties will form a joint venture with conglomerate Dubai Holding to build a 6.5 million square metre “urban district” in the emirate, the developer said in a statement on Sunday.
The new project, Dubai Creek Harbor, will include a business district, shopping, sporting and entertainment facilities, according to the statement. Emaar said it was in the final stages of negotiations with Dubai Holding for the project.
Emaar, Dubai’s largest listed developer, is part government-owned, while Dubai Holding is part of the Dubai ruler’s personal business empire.
Separately, Emaar said on Saturday that it formed a joint venture with Meraas Holding to build a huge residential and commercial area near the city’s downtown area.