Emaar leads $11 billion project in new Beijing airport
Emaar Properties, the property development titan behind Dubai’s Burj Khalifa, has been earmarked to develop a five-square-kilometre mixed-use site within the Beijing Daxing International Airport, the United Arab Emirates’ state agency announced Monday.
The 50-square-kilometre airport, hailed the world’s largest, will give rise to an AED40.5 billion (USD11 billion) project that includes residential and leisure facilities, according to a memorandum of understanding (MoU) signed between officials of Emaar and Beijing Daxing International Airport. The site is set for completion in 10 years.
The announcement coincides with the visit of Emirati crown prince Sheikh Mohamed bin Zayed Al Nahyan to China and the opening of an Emaar office in Beijing.
“This agreement is the beginning of opening new opportunities in the Chinese market, which is the largest in the world,” said Mohamed Alabbar, chairman of Emaar, in a statement.
Emaar’s success in implementing the project is also a clear sign of the distinguished relations between the UAE and China, added Alabbar.
The airport itself is due to open in September. It is expected to serve 72 million passengers per annum by 2025.
Reuters noted that Emaar had signed a preliminary agreement with Beijing New Aeropolis Holdings in May to co-develop commercial, residential, and leisure facilities at the airport.
Earlier in December, the Dubai-based developer had also announced it would open two offices in Beijing and Shanghai as part of its expansion in China.
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