Shares in Aldar and Emaar Properties jumped on Wednesday, as further details emerged about the first projects to be developed under the Dh30 billion strategic partnership signed on Tuesday between the UAE’s two largest real estate developers.
Aldar shares, listed on the Abu Dhabi Securities Exchange, rose by as much as 6.5 per cent to a seven-week intraday high in the morning session, before slipping back to close up 2.8 per cent Dh2.22. Dubai-listed Emaar rose as much as 3 per cent, hitting a ten-day intraday high, eventually closing up 2.2 per cent.
The developers on Tuesday afternoon announced a strategic partnership “to develop the world’s next era of iconic destinations,” with a targeted Dh30 billion national and international development pipeline.
The agreement, signed on Tuesday by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, is by far the biggest collaboration between developers from different emirates.
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Read more:
Aldar and Emaar Properties enter into Dh30 billion strategic partnership
Aldar fourth quarter profits fall 80 per cent on asset management charge
Emaar Properties' full-year profit up
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The alliance will initially focus on two UAE-based projects, Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, the companies said in stock exchange statements on Wednesday.
Saadiyat Grove, which is set to open in 2021, is a mixed-use development that will feature close to 2,000 residential units, two world-class hotels, 400 serviced apartments and 130,000 square metres of “experiential lifestyle and retail space”, designed with a focus on the lifestyles of the future and millennials.
Emaar Beachfront, a private island situated between Dubai’s Jumeirah Beach Residence and Palm Jumeirah, will consist of approximately 7,000 residential units with access to a 1.5 km private beach.
Dubai and Abu Dhabi property markets have slowed in recent years in the wake of a three-year oil slump, that appears to have come to an end with the rebound in energy markets and Brent rising to above US$60 a barrel. A rising supply of residential developments has also contributed to a slide in sale prices and rents which has weighed down on the share price of some developers.
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Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
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Investment raised: $4 million
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Women:
1. Rhiannan Iffland (AUS) 322.95 points
2. Lysanne Richard (CAN) 285.75
3. Ellie Smart (USA) 277.70
Men:
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Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
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Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
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Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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AT4 Ultimate, as tested
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Power: 420hp
Torque: 623Nm
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
