Dubai – Mubasher: Emaar Properties, a leading global property developer, on Tuesday announced it has signed a memorandum of understanding (MoU) with Beijing New Aerotropolis Holdings (BNA).

The MoU will see both parties working jointly to develop Business and Tourism Complex, integrating retail, entertainment, office, hotel hospitality, convention, sport, art and lifestyle functions in a one-stop solution, according to a press release.

The project will be established at the Aero-Economic Area of Beijing Daxing International Airport in China, expected to the world’s largest airport.

“Emaar and BNA will work closely to develop diversified collaboration and actively accelerate the share of resources, in order to boost the vigorous establishment of the important AeroEconomic Area,” the release added.

On Monday, Emaar revealed it signed an agreement with China’s Beijing Daxing International Airport to set up a residential development with leisure facilities at a value of $11 billion.

The deal includes the value of five square kilometres of land at the Chinese airport, according to Reuters.

It is worth noting that Emaar had opened an office in Beijing on 22 July.