[photopress:property_Mahtoum.jpg,full,alignright]In one of the first high-level Sino-UAE public-private partnerships, Emaar Properties, the Dubai-based property developer which is in the UAE — United Arab Emirates, has signed a memorandum of understanding with the Shanghai China-News Enterprise Development, a Chinese government entity and subsidiary of the People’s Daily Shanghai branch.
Together they will explore mixed-use property and infrastructure development projects in key Chinese cities.
Interesting that the agreement was signed in the presence of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. He is by far and away the smartest ruler in the UAE — as well as being a consistently winning racehorse owner — and his business acumen is on the level of, say, Li Ka-shing. Chen Ming Ren, the legal representative and General Manager of Shanghai China-News Enterprise Development was signing for the other side.
This is the first public-private partnerships between the Chinese government and Dubai’s leading property developers and it shows the increasing global role played by Dubai companies. Emaar opened an office in China in 2006 which means Al Maktoum has done his homework. He always does.
Shanghai China-News Enterprise Development is an investment arm of People’s Daily, one of the world’s top ten newspapers and one of China’s most influential sources for local and international news. This offshoot has its primary focus on real estate business as well as interests in conventions, tourism and publishing.
Source: Business Intelligence