Dubai-based developer Emaar on Monday said a AED40.5 billion ($11 billion) project planned with Beijing Daxing International Airport will take 10 years to complete.
The update on the plan to develop a five square kilometre area of the 50 sq km airport came on the sidelines of the visit of 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 state news agency WAM, Mohamed Alabbar, chairman of Emaar Properties, said, that the project which includes residential and leisure facilities will be completed in 10 years.
He said that the implementation of an Emirati project in China demonstrates the confidence that the company enjoys at the international level.
He also announced that Emaar will open an office 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.
Alabbar told WAM 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.
In May, Emaar signed a memorandum of understanding with Beijing New Aeropolis Holdings (BNA) to jointly develop the business and tourism complex, which will integrate retail, entertainment, office, hotel hospitality, convention, sport, art and lifestyle functions in a one-stop solution in Beijing.
The project will be located within the Aero-Economic Area of Beijing Daxing International Airport, which is set to be the largest airport in the world.
In June, Emaar Hospitality Group signed a deal to boost sales across China through a partnership with Youli Hospitality Consulting, which will see Emaar’s Address Hotels + Resorts and Vida Hotels and Resorts promoted throughout the country, including in Beijing and Shanghai.