Emaar plans $55 billion real estate project in Dubai: founder

Where Diplomacy Meets News

Emaar plans $55 billion real estate project in Dubai: founder

June 11, 2026

DUBAI,— Dubai-based developer Emaar Properties unveiled plans Thursday for an urban district valued at close to $55 billion, Reuters reported.

The move places a major bet that the emirate’s property market can withstand regional tensions and keep the foreign appetite that fueled record-breaking deals in 2025.

Emaar said the project will accommodate 150,000 residents in a mix of residential towers, villas, offices and retail outlets.

The move comes as Dubai’s government works to rebuild investor confidence following a regional conflict that broke out in late February and shook some overseas buyers.

Mohamed Alabbar, founder and managing director, called it “Emaar’s most ambitious project yet” in an Instagram post.

Spanning 4.5 million square metres, the development will offer simultaneous views of the Burj Khalifa, the world’s tallest skyscraper, the Burj Al Arab hotel and Palm Jumeirah Island.

Emaar provided no completion schedule, construction phases or funding plan.

In May, Dubai Holding, an entity tied to Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, became Emaar’s biggest single shareholder after acquiring a 22.27% stake from the Investment Corporation of Dubai, the emirate’s sovereign wealth fund, pushing its total holding to 29.73%.

Emaar shares have shed more than 36% of their value, changing hands at 10.88 AED ($2.96) on Thursday.

The stock had climbed to a near-term peak of 17.10 AED in late February 2026, when buoyant property prices and robust tourism figures preceded a wide selloff across Gulf stock markets driven by geopolitical unrest.

Dubai’s property sector posted its best year on record in 2025, logging over 270,000 transactions worth 917 billion AED ($249.68 billion), up 20% from the prior year.

(With files from Reuters)