Dubai-based global developer Emaar will jointly implement with Beijing Daxing International Airport an AED40.5 billion (US$11 billion) project including the five square kilometre land area of the 50 sq. km airport.
The move is in line with the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China.
In a statement to the Emirates News Agency, WAM, Mohamed Alabbar, Chairman of Emaar Properties, said, that the project which includes residential and leisure facilities will be completed in ten years. He noted that the implementation of an Emirati project in China demonstrates the confidence that the company enjoys at the international level.
Alabbar added that Emaar's success in implementing the project is also a clear sign of the distinguished relations between the UAE and China. "This agreement is the beginning of opening new opportunities in the Chinese market, which is the largest in the world," he said.
He also announced that Emaar will open an office today in Beijing under the patronage of Sultan bin Saeed Al Mansouri, Minister of Economy, with the aim of enhancing the company's business activities in China.
The project is part of a Memorandum of Understanding, MoU, signed between Emaar and Beijing Daxing International Airport.