"Partnering with John Laing Homes is consistent with our strategy of expanding our business on a global basis beyond Dubai," says chairman Mohamed Ali Alabbar. "This agreement will provide Emaar with an important gateway into the US real estate market."

Emaar officials says Laing had $1.6 billion of revenue and 2,891 residential closings last year. Most of its work is concentrated in California and Colorado. Laing will continue to be based in Newport Beach, CA under the management of chief executive Larry Webb, but it will operate as an Emaar unit.

Emaar, which builds luxury housing and commercial developments in Asia and the Middle East, is building what it describes as the world's tallest tower and the world's biggest shopping mall in Dubai. But it is also looking to expand out of traditional markets. Emaar now has real estate operations in more than 12 markets around the world, including India, Egypt, Turkey, Morocco, Syria, Pakistan and Saudi Arabia.