UAE-based real estate developer Emaar has signed an agreement to execute a project worth around AED40.5bn ($11bn) at Beijing Daxing International Airport.
As part of the agreement, Emaar will develop 10% of the land area of the 50km² mega airport, Emirati state news agency WAM reported.
The project includes the construction of residential and leisure facilities and is expected to be completed in ten years.
It is part of a memorandum of understanding signed between Emaar and Beijing New Aeropolis Holdings in May to jointly develop commercial, residential, and leisure facilities at the new airport.
Emaar Properties chairman Mohamed Alabbar told WAM that the company’s success in implementing the project is also a clear sign of the distinguished relations between the UAE and China.
“This agreement is the beginning of opening new opportunities in the Chinese market, which is the largest in the world.”
Alabbar also said Emaar will open an office in Beijing to enhance the company’s business activities in China.
Beijing Daxing Airport is scheduled to become operational in September and will include a 3.37 million square feet terminal building and four runways.
It will feature five concourses and five traditional Chinese gardens, where travellers can wait for their flights.
The $12bn airport was designed by the late British architect Zaha Hadid and is claimed to be the world’s largest.
Once all six runways are operational, it will be able to handle over 100 million passengers and four million tonnes of cargo annually.
Construction of the airport began in 2014.