Dubai – Mubasher: Emaar Properties, listed on the Dubai Financial Market (DFM), on Thursday revealed it has only signed a preliminary memorandum of understanding (MoU) with Bejing New Aerotropolis Holding (BNA).
The two parties have not signed a final binding agreement yet, the leading property developer clarified in a statement to the DFM.
The preliminary MoU was signed to permit further discussion between the two companies, the company noted.
“The preliminary estimates indicate that the project value, including value of land and development costs, is expected to be $11 billion and the duration of the project may extend to approximately 11 years,” Emaar said.
It was reportedly announced that Emaar had signed an MoU with China’s BNA to develop Business and Tourism Complex, integrating retail, entertainment, office, hotel hospitality, convention, sport, art and lifestyle functions in a one-stop solution.
The project will be established at the Aero-Economic Area of Beijing Daxing International Airport in China, expected to the world’s largest airport.
Last Monday, Reuters reported that Emaar had signed an agreement valued at $11 billion with China’s Beijing Daxing International Airport to set up a residential development with leisure facilities at the Chinese airport, according to Reuters.