Abu Dhabi – Mubasher: Aldar Properties and Emaar Properties have launched an AED 30 billion ($8.1 billion) joint venture (JV), focusing on the development of master-planned destinations in national and global scales.

The JV is projected to begin with two megaprojects in Dubai and Abu Dhabi, according to a company statement.

Located in Cultural District of Al Saadiyat Island, Abu Dhabi’s project Saadiyat Grove comprises about 2,000 residential units, two hotels, and 400 serviced apartments, along with 130,000 square metres lifestyle and retail space.

"We are drawing on our proven competencies in delivering high-quality master-planned communities that have not only redefined lifestyles but also created tremendous economic value for our country,” Emaar Properties’ chairman Mohamed Alabbar said.

Named Emaar Beachfront, the second project will be situated in Dubai along the Arabian Gulf and will include around 7,000 residential units, Emaar revealed.

"Without doubt, the [JV] will expand the country's portfolio of iconic real estate projects, and there is no limit to the development possibilities created by the JV partnership between Aldar and Emaar,” Aldar Properties' chairman Mohamed Khalifa Al Mubarak.