Ajman government and Solidere International have entered a joint venture to develop a new city 'Al Zorah' with an investment of $60 billion in the United Arab Emirates. The joint venture is aimed at developing the emirate's coastline into a sustainable residential, business place.
The new city spreading over 12 square kilometers, has a built-up area of 22 million square meters and large areas of water and green space, while the resident and working population will be around 0.2 million with residents making up to 85 percent. 'Al Zorah' is located just 25 minutes away from Dubai International Airport and 10 minutes away from Sharjah International Airport via new link road.
The groundbreaking ceremony was held on Thursday at Ajman by Sheikh Humaid Bin Rashid Al Nuaimi, Member, UAE Supreme Council and Ruler of Ajman. The ceremony was also attended by Sheikh Rashid Bin Humid, Chairman of Al Zorah Development Company, Nasser Raid Chammaa, Chairman and Chief Executive Officer of Solidere International and Imad Dana, CEO of Al Zorah Development and Sheikh Emmar.
Speaking on the occasion, Sheikh Rashid Bin Humaid said that 'Al Zorah' is a milestone for Ajman, reflecting the combination of tradition and innovation that distinguishes the emirates from other parts of the world.
"Emirates is a highly sought-after destination for high-profile investors, well-known for its business-friendly regulations and relatively open marketplace," Humaid added. He said that Ajman is unfolding a new chapter in its development and 'Al Zorah' is a truly spectacular project that will become an international destination.
Dr Nasser Raid Chammaa said that Solidere International is committed to the development of 'Al Zorah' and working within the context and strength of a particular environment. He said Al Zorah Development has been set up for the development of the new city, with 50:50 percent shares of Ajman government and Solidere International.
"New Al Zorah city combines both natural and urban environment and is an ambitious project, intended to transform Ajman into one of the region's most sought after places to live, work and enjoy in a urban environment that also ensures energy conservation and sustainability for the future generations," he added.
He said that Al Zorah is freehold worth dirham 220 billion (approximately 60 billion dollars) development project located on the northern coast of Ajman and is the biggest master plan announced by the emirate of Ajman.
"It will be a self-contained, master planned city comprising varied residences, offices, retail, schools, clinics and leisure facilities including marinas and a number of five star hotels," he said. He said that of the built-up area, residential buildings will make up 25 percent, offices 22 percent, retail stores 11 percent, hotels 8 percent, with warehousing, storage and infrastructure making up the remaining 7 percent.
"The master plan is focused on the preservation of the natural environment, which includes 30 species of mangroves, more than 20 species of birds and other wildlife, countless coastal fish, trees and sand dunes," he added.
He said that the new city would be divided into several mixed areas, including the city centers, resorts, villages, golf course and parkway development and it would have their own power generation plant of 2000 MW to fulfil the power requirements.
"Solidere International is a subsidiary of Solidere, the Lebanese Company responsible for the development and construction of Beirut City center," he added. Imad Dana, CEO of the Al Zorah Development Company, said that this land will also be appealing to investors after the government of Ajman issued a special decree giving 'Al Zorah' both free zone and freehold status," he added. The city would be developed with the modern construction methods that will cut energy use by up to 50 percent, Imad added.
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