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Dubai: Emaar Properties, which is working on more than $100 billion of projects, said yesterday it will develop more land in Dubai.
Emaar said on October 20 it will help work on a $16 billion project with a company owned by Dubai's ruler, almost doubling the land it can develop in its home market until foreign projects generate more revenue.
More in the pipeline
"There will be more projects and we will make announcements about them at the time," Ahmad Matroushi, Emaar's UAE managing director, told reporters in Dubai. He declined to give more details.
Emaar had 16.78 million square metres of land in the UAE at the end of last year, according to its annual report.
Around half lies in Dubai, where property sales account for about 85 per cent of Emaar's revenue.
Emaar said it will invest Dh3.85 billion ($1.05 billion) in the venture with Bawadi company, an agreement which follows the collapse of a land-for-stocks deal in August with his Dubai Holding.
Emaar is building the $20 billion Burj Dubai project, the world's tallest building, offering a hotel and apartments branded by Italian fashion designer Giorgio Armani.
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