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 kilometres 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 al-Nahyan 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.