Abu Dhabi — Mubasher: Aldar Properties is in the “final stages” of completing the structure of its joint venture (JV) with Emaar Properties, the CEO of Abu Dhabi-based developer said.

“We’ve advanced those discussions significantly with Emaar and are in the final stages of finalising the structuring of the JV,” Talal Al Dhiyebi told Arabian Business.

In March 2018, the two UAE property firms announced launching an AED 30 billion ($8.1 billion) JV, focusing on the development of master-planned destinations in national and global scales.

The JV focuses on two mega-projects, namely Saadiyat Grove on Abu Dhabi’s Saadiyat Island and the Emaar Beachfront project, a private island in Dubai.

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.

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

“The designs of both those projects is well underway and we hope to have further announcements very soon,” Al Dhiyebi added.

Aldar is also looking for opportunities in the warehousing and logistics sector, the company’s chief financial officer.

“It’s a sector that we continue to look at and think is very exciting,” Greg Fewer told Arabian Business.

He added that Aldar sees many opportunities in the market and seeks to make an investment that’s in agreement with its current portfolio.

On Wednesday, Aldar Properties reported a 2% year-on-year increase in its revenue during the full year 2018, registering AED 6.3 billion.

The UAE-based developer’s gross profit reached AED 2.6 billion last year, while the net operating income recorded AED 1.6 billion during the same period, according to a company statement.