DUBAI: Dubai’s largest listed developer Emaar Properties has signed an agreement to help deliver an $11 billion project at the site of Beijing’s new mega airport, Emirati state news agency WAM reported on Monday.
WAM said Emaar had signed the deal with Beijing Daxing International Airport and that the project, which is expected to take 10 years, included residential and leisure facilities.
Emaar Properties did not immediately respond to requests for comment.
The value of the project includes the five square kilometers of land at the airport, WAM reported.
Beijing Daxing International Airport is due to open in September and will be able to handle 72 million passengers a year by 2025.
The agreement was signed during a state visit by Emirati crown prince Sheikh Mohamed bin Zayed to China.
Sheikh Mohamed has met with China’s President Xi Jinping and other officials, according to Emirati state media.
Emaar signed a preliminary agreement with Beijing New Aeropolis Holdings in May to jointly develop commercial, residential, and leisure facilities at the new airport.
In December, Emaar said it had started business development operations in China and would open two offices in Beijing and Shanghai.
Beijing’s new mega airport enlists Dubai’s Emaar for $11 bln project
Beijing’s new mega airport enlists Dubai’s Emaar for $11 bln project
- The agreement was signed during a state visit by UAE Crown Prince Sheikh Mohamed bin Zayed to China
- Emaar will open two offices in Beijing and Shanghai
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
