Business | General
Emaar to explore mixed-use realty deals
Emaar Properties has signed a Memorandum of Understanding with the Shanghai China-News Enterprise Development Limited.
- Staff Report
- Published: 00:05 April 3, 2008
- Image Credit: WAM
- Mohammad Ali Al Abbar (right), chairman of Emaar, and Chen Ming Ren, legal representative and general manager of Shanghai China-News congratulate each other after signing the agreement in the presence of Shaikh Mohammad.
Dubai: Emaar Properties has signed a Memorandum of Understanding with the Shanghai China-News Enterprise Development Limited, a Chinese government agency and subsidiary of the People's Daily Shanghai branch, to explore mixed-use property and infrastructure development projects in Chinese cities.
The agreement was signed by Mohammad Ali Al Abbar, chairman of Emaar, and Chen Ming Ren, legal representative and general manager of Shanghai China-News, in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The strategic partnership marks one of the first public-private partnerships between the Chinese government and Dubai's leading property developers, highlighting the increasing global role played by Dubai companies. It also reiterates Emaar's expansion plans in China.
Emaar had earlier mark-ed a milestone in its expansion plans by being the first Middle East developer to open a full-fledged office in China in 2006.
An investment arm of People's Daily, Shanghai China-News Enterprise Development Limited has its primary focus on real estate as well as interests in conventions, tourism and publishing.
People's Daily is one of the world's top 10 newspapers and one of China's most influential sources for local and international news. Details of the partnership will be announced shortly.
Al Abbar said, "Shaikh Mohammad's visit has catalysed trade partnerships between Chinese and UAE companies. China's booming economy is a magnet for investment in a number of high-growth sectors including property.
"China's impressive economic growth has also propelled demand for property to meet the requirements of an estimated 400 million urban population.
"Emaar's partnership with Shanghai China-News Enterprise Development Limited will explore opportunities for mixed-use projects as well as investments in education, healthcare, shopping malls and hospitality and leisure."
Chen said: "Emaar has proven competencies in property development which can be utilised to create integrated lifestyle communities in China.
"Shanghai's booming growth has been attracting huge foreign investment in the property sector, with the first three quarters of 2007 alone witnessing investments in real estate worth $1.96 billion.
"The government is however streamlining investments to ensure that only trusted developers operate and excessive speculation is curbed. Emaar's credentials fit our vision."
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