JEDDAH, 26 July 2005 — Another Saudi real estate investment project will be established in Umm Al-Quwain following a previous announcement of a real estate project also in Umm Al-Quwain. On Saturday, Emaar Middle East Company, a joint venture between UAE’s Emaar and the Saudi development company Al-Oula, announced its joint project with the government of Umm Al-Quwain to develop its Marina for 12 billion Dirhams.
Tameer Holding, of which half of its stock is owned by Al-Rajhi group and the rest by Saudi and Gulf investors, recently announced the launch of its latest, largest project - the Al-Salam City in Umm Al-Quwain. The project is expected to cost over AED30 billion and will be built over an area covering 220 million square meters. The unique project follows a string of consecutive real estate successes from Tameer, including the Princess Village in Ajman and the Modern Emirates Industrial Area in Umm Al-Quwain.
Located at a distinctive location on the Emirates Road, the Al-Salam City is an integrated residential & commercial city, consisting of a number of residential districts. The development will house over half a million residents and will include a number of prominent towers. Apart from this, the mammoth project will also realize the construction of parks, playing grounds and entertainment centers. The Al-Salam City will also include a unique, colossal shopping mall, which is to be built in a distinctive, architectural style.
The project is planned to be executed in 3 phases, with each phase expected to cover 5 years with an investment of AED10 billion each. The first phase of the project will include the development of the infrastructure of the whole city, including the “Down Town” area. The Downtown will house the distinct shopping mall, which will be the first of its kind in the Middle East and the fourth worldwide, after USA, Singapore, and Australia. Another distinguishing feature of the mall will be a huge garden that will extend throughout the mall with water surfaces such as lakes and water falls, in addition to entertainment facilities, restaurants, cafes and retail stores.
The Down Town will also include a main hotel tower consisting of more than 50 floors, apart from 20 residential and commercial towers of 20 to 25 floors. The first phase will also realize the development of residential districts, where the first district will include 1000 residential villas while the second will compose of 200 buildings of 5 to 10 floors. Development of the first phase of the project will begin at the end of the current year and it will extend over an area of 15 million feet covering 15 thousand residential units.
The City also consists of mosques, schools, banks, commercial shops and a number of distinct cafes & restaurants, in addition to excellent public facilities characterized by vast streets, huge green spaces, a number of parking areas and entertainment centers.