Emaar Properties Plans Project by World Expo Site

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Emaar Properties, Dubai's largest property developer, has announced a joint venture with Dubai World Central for a commercial development project close to the emirate's 2020 World Expo site. 

The joint venture plans to build hotels, malls and golf course communities, Reuters reports. This is the first announcement of development plans since Dubai won the rights last month to host the 2020 World Expo. The city beat Sao Paulo, Yekaterinburg in Russia and Izmir in Turkey, in a vote by members of the world fair body.

The project's value or financing plans were not announced. 

The project spans 13.63 million square meters; its first phase include a golf course villa community, several hotels, a high-end shopping mall, leisure space and a business hub, according to Reuters. The master plan is still being finalized. 

The Dubai government expects winning the World Expo bid will boost tourism and business in the emirate. However, some believe it could trigger another bubble burst similar to the previous one where property prices dropped more than 50 percent.

Earlier this month, Dubai-based Emaar, the builder of the world's tallest tower, announced it was banning real estate agents from "flipping" homes before completion in order to create more stability in the market.