Dubai's Emaar to launch $55 bln development project
The UAE's Emaar Properties announced a development project in Dubai worth $55 billion on June 12, months after the Middle East war saw Iran strikes hit the city and rattle its economy.
"Emaar Properties announces plans for a landmark masterplan in the heart of Dubai, with a total development value of AED 200 billion," the Dubai Media Office said, in a social media post.
The development will span 4.5 million square metres and is expected to accomodate nearly 150,000 residents, it added.
Emaar chairman Mohamed Alabbar said in a statement on Instagram that the project would have a view of Dubai's top landmarks.
