"Two of Dubai's biggest real estate developers have formed a joint venture to build a huge residential and commercial area near the city's downtown, the companies said on Saturday.
Emaar Properties EMAR.DU and Meraas Holding, both backed by the Dubai government, plan construction of a commercial center, low- and mid-rise residences, an 18-hole golf course and other facilities over 11 million square metres (2,700 acres).
The project will be a cornerstone of a planned tourism and retail district announced last November by Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum. Over the past year, the emirate's property market has begun recovering strongly from its 2008-2010 crash."
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