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|20 March, 2018

Dubai's ruler reveals Emaar, Aldar to launch projects worth $8.2bln

Sheikh Mohammed bin Rashid al-Maktoum, who is also Prime Minister and Vice-President of the UAE, made the announcement on Twitter.

Aldar Properties, Mayan projects. Image for illustrative purposes.

Aldar Properties, Mayan projects. Image for illustrative purposes.

Hanover /Handout via Thomson Reuters Zawya

DUBAI/ABU DHABI- United Arab Emirates property developers Emaar and Aldar are partnering to launch local and international projects worth 30 billion dirham ($8.2 billion), Dubai's ruler said on Tuesday.

Sheikh Mohammed bin Rashid al-Maktoum, who is also Prime Minister and Vice-President of the UAE, made the announcement on Twitter.

The state-linked developers will co-develop the Emaar Beach Front in Dubai and Saadiyat Island in Abu Dhabi, the Dubai Media Office later tweeted.

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Emaar Beach Front is a residential artificial island project under development off the coast of Dubai near the palm tree shaped Palm Jumeirah island.

Saadiyat, in Abu Dhabi, hosts branches of the Louvre museum and New York University, and residential and commercial developments. ($1 = 3.6726 UAE dirham)

(Reporting by Alexander Cornwell and Stanley Carvalho; Editing by Saeed Azhar and Alexander Smith) ((Alexander.Cornwell@thomsonreuters.com;))

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