Skip to content Skip to Search
Skip navigation

Dubai’s Emaar unveils $26bn projects as market rebounds

By Pramod Kumar
Architecture, Building, House Emaar
The Heights Country Club and Grand Club Resort by Emaar will target the high-end residential and hospitality segments

Dubai’s largest developer, Emaar Properties, has unveiled two new mega projects with a development cost of AED96 billion ($26.14 billion), driven by a rebound in the emirate’s real estate sector.

The projects – The Heights Country Club and Grand Club Resort – will target the high-end residential and hospitality segments, the developer said in a statement.

Covering an area of 81 million sq ft, The Heights Country Club will have a development cost of AED55 billion.

The Grand Club Resort, located next to the AED72 billion The Oasis project, will cover over 60 million sq ft with the development cost at AED41 billion.

“Dubai stands not only as a city but as a global titan in luxury, real estate, and as a vibrant tourist hub,” said Emaar founder Mohamed Alabbar.

Emaar has expanded the land bank in The Oasis development by 108 percent, leading to its development value reaching AED73 billion from the initial AED34 billion.

In February, Emaar Properties reported a 70 percent year on year rise in net profit to AED11.6 billion in 2023, supported by increased sales in the UAE property market.

The developer’s revenue grew 7 percent year on year to AED26.7 billion last year.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]