Emaar, the Dubai-based property developer, made its first foray into the US on Thursday with the $1.05bn acquisition of WL Homes, one of the country’s largest privately-held housebuilders.

The Dubai group is behind many of the showpiece developments in the fast-growing Gulf emirate, and the purchase of WL Homes - which focuses on the luxury market - fits in with the recent expansion of Emaar’s housing business in the Middle East and south Asia.