Emaar to develop US$55b real estate project in Dubai: founder
It spans 4.5 million sq m and will house 150,000 residents in residential towers, villas and offices
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EMAAR Properties on Thursday (Jun 11) announced plans for a nearly US$55 billion urban district in Dubai.
The property developer wagered that the emirate’s property market can absorb the shock of regional conflict and sustain the foreign demand that powered record transactions in 2025.
The project, which Emaar said would house 150,000 residents in residential towers, villas, offices and retail destinations, follows moves by the Dubai government to shore up confidence in the emirate.
This comes after a regional conflict that erupted in late February rattled some foreign investors.
“It is Emaar’s most ambitious project yet,” founder and managing director Mohamed Alabbar posted on Instagram.
The development, spanning 4.5 million square metres, promises views of the Burj Khalifa, the world’s tallest skyscraper, the Burj Al Arab hotel and the Palm Jumeirah Island from a single vantage point.
The company did not specify a delivery timeline, phasing structure or how it planned to finance the project.
Dubai Holding became Emaar’s single largest shareholder in May, after it purchased a 22.27 per cent stake from the Investment Corporation of Dubai, the emirate’s sovereign wealth fund, bringing its total ownership to 29.73 per cent.
The holding is a vehicle of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
Emaar Properties’ shares have plunged more than 36 per cent to trade at AED 10.88 on Thursday, down from a near-term high of AED 17.10 in late February 2026.
That was when booming property valuations and strong tourism peaked, before regional geopolitical instability triggered a broad sell-off across Gulf equity bourses.
Dubai’s real estate sector achieved its strongest performance to date in 2025, with over 270,000 transactions worth AED 917 billion (S$320.8 billion), up 20 per cent year on year.
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