The UAE’s two largest listed real estate developers have formed a joint venture to deliver AED30bn (8.2bn) of real estate schemes in the UAE and internationally.

The joint venture of Aldar Properties and Emaar Properties will initially focus on two projects, both of which have been worked on previously.

In Dubai, the joint venture will work on Emaar Beachfront, which is being developed on an offshore island in the Gulf next to Dubai Harbour. It will comprise 7,000 residential units, along with a promenade for retail and food and beverage outlets, and will have access to a 1.5 kilometre-long private sandy beach.

Dubai Harbour, which is being developed by Meraas, is located between Dubai Marina and the Palm Jumeirah.

Emaar Properties said in September 2017 that it would develop a property at Dubai Harbour.

In Abu Dhabi, the joint venture will develop Saadiyat Grove. The project will provide a link between the Louvre museum and the planned Zayed National Museum and Guggenheim museum.

Set to open in 2021, the mixed-use development will have about 2,000 residential units, two hotels, 400 serviced apartments and 130,000 square metres of retail space.

A retail precinct connecting the museums has been worked on before. In 2014, Abu Dhabi’s Tourism Development & Investment Company invited companies to prequalify for the construction of a shopping mall in the same area, known as The District. It is understood that plans for the project were then looked at by another Abu Dhabi developer, Eagle Hills.