Dubai, July 26, 2012: Dubai Properties Group (DPG), a member of Dubai Holding, has finalised a land transaction in its DUBAILAND district with Emaar Properties PJSC (Emaar), the global property developer.
The plot is located on Al Qudra road adjoining the Arabian Ranches development, Emaar’s fully-established master-planned community and will be developed by Emaar as a mixed-use neighbourhood.
The agreement, which was finalised between DPG’s GCEO Khalid Al Malik and Emaar’s Managing Director, Ahmad Al Matrooshi, is testament to DPG’s continued success in attracting third parties to develop in what has become a growing entertainment, leisure and residential district of Dubai.
Speaking on the transaction, Khalid Al Malik, DPG GCEO, said: “I am pleased to have signed this agreement with Emaar, which is a sign of confidence in the attractiveness of DUBAILAND as an investment opportunity. We currently have a strong pipeline of investor projects, and we will continue to work with our partners to further develop and enhance services for the benefit of both residents and visitors.”
Ahmad Al Matrooshi, Managing Director, Emaar Properties, added: “We are thankful to Dubai Properties Group for the opportunity to undertake this new project. Emaar is a pioneer in developing integrated lifestyle communities in Dubai, and our new project in a spectacular location adjoining Arabian Ranches further underlines our commitment to develop superior lifestyle communities in Dubai. We hope to be a supportive partner for the ambitious projects that are aligned with Dubai Government’s vision. Arabian Ranches is one of the most sought-after residential developments of Emaar which witnesses among the highest increase in rental and sale prices in Dubai. The new project will further enhance Emaar’s offering at Arabian Ranches, resulting in further positive impact on the development.”
Emaar Properties, listed on the Dubai Financial Market, has an established development portfolio in Dubai including its flagship mega project Downtown Dubai, which features the iconic Burj Khalifa and The Dubai Mall; Arabian Ranches, a villa community featuring the Arabian Ranches Golf Course and Dubai Polo & Equestrian Club; Dubai Marina, one of the largest waterfront developments in the region; and Emirates Living, a collection of villa and apartment clusters.