Emaar Properties JV to Develop RE Projects in Saudi Arabia

By Alex Girda, Associate Editor

Abdul Latif Jameel and Emaar Properties have officially gone into business together, looking to develop a number of projects in the Kingdom of Saudi Arabia, according to a recently issued press statement.

With the economic emergence of the Middle East, a growing number of major events is set to take place over the next few years in the region, causing a closer scrutiny of this region, resulting in investors are teaming up to fulfill the manifested demand for real estate in these growing cities.

A memorandum signed by the President of Abdul Latif Jameel, Mohammed Abdul Latif Jameel, and the Chairman of Emaar, Mohamed Alabbar will focus on developing premium, master-planned communities throughout the Middle-Eastern country.

Both entities are excited at the prospect of working together, with Mohamed Alabbar stating that the newly formed partnership will aim to “develop world-class real estate projects, which will be highlighted by a truly international and world-class design and superior build quality”. Emaar Properties will bring its experience in developing “downtown” areas “that have strong positive economic impact, including the creation of new jobs and supporting youth entrepreneurship,” Alabbar added.

According to the press statement issued by the partnership, the communities that will be developed as a result of the newly-inked agreement will follow a specific pattern. The new master-planned communities will use state-of-the-art technologies, and offer smart connectivity throughout. Landscaped central parks, Grand Mosques, educational facilities, healthcare centers, children-friendly areas, and features tailored to the local resident profile will be part of the new palette of developments that the two companies will be working on together. The designs will be provided by international architecture firms that will use local heritage as inspiration for the projects.