Dubai-based Emaar Properties has signed an agreement with Saudi-based Abdul Latif Jameel (ALJ) group to develop integrated property projects in Saudi Arabia.
The two companies will launch the projects under a newly created partnership entity, Emaar Jameel.
The master-planned communities will feature landscaped central parks, mosques, educational institutions and healthcare centres, and will be designed by international architects.
Emaar will leverage the experience of developing master-planned Downtowns that have strong positive economic impact, including the creation of new jobs and supporting youth entrepreneurship, said Mohamed Alabbar, chairman of Emaar Properties. Our integrated community developments will meet the growing demand for high-end and affordable luxury homes in the Kingdom.
Emaar already operates in the kingdom through its business subsidiary Emaar Middle East, which is developing two lifestyle communities Jeddah Gate and Al-Khobar Lakes. Also, Emaar the Economic City is developing King Abdullah Economic City, one of the largest developments of its kind in the region.
Earlier this week, Emaar announced it recorded a net profit of AED2.6bn ($699m) in 2013, an increase of 21 per cent compared with 2012. Its annual revenue reached AED10.3bn, growing 25 per cent year-on-year in 2013.
Emaars property business generated just over half of the companys total revenues, while the rest mainly came from its shopping malls and retail, and hospitality and leisure units, which registered a rise in revenues of 17 per cent to AED4.8bn. Revenues from global operations amounted to AED1.2bn in 2013.
The companys real estate sales in Dubai tripled in 2013 to AED12bn, following the launch of several properties in Downtown Dubai, Emirates Living and Arabian Ranches.
It also unveiled Dubai Hills Estate, the first phase of Mohammed bin Rashid City and a waterfront city inspired and built on the banks of Dubai creek. The developer also signed a memorandum of understanding (MoU) to develop a golf community at Dubai World Central.