Emaar targets new Dubai landmark with $55 billion real estate project

DUBAI – Emaar Properties is planning to develop a nearly $55 billion ​real estate project in Dubai with a total ‌built-up area exceeding 4.5 million square metres, its founder said on Thursday.

"It is Emaar's most ambitious project yet," founder ​and managing director Mohamed Alabbar posted on ​Instagram.

Shares of the company, which is Dubai's ⁠largest listed developer, were down just over 2 percent ​at 10.82 dirhams before the Instagram post. There has ​yet to be a filing to the bourse.

The project would be a self-sustaining urban district meant to house 150,000 residents, ​the company said in its statement, encompassing landmark ​residential towers, villas and mansions, commercial offices, retail destinations, luxury ‌hospitality.

It ⁠will command "an extraordinary vista that brings together, in a single frame, three of the city's timeless icons - Burj Khalifa, Burj Al Arab, and Palm Jumeirah - ​complete with the ​finest essentials ⁠of modern living in the city of Dubai," Alabbar added in his post.

Real ​estate plays a vital role for ​the ⁠economy of the emirate, the Gulf's hub for business and tourism, with sector transactions worth 761 billion dirhams ($207.22 ⁠billion) ​in 2024, according to Dubai ​government data.