SHARJAH, 27 February 2005 — Tameer Real Estate Establishment has signed a key agreement with the Umm Al-Quwain government under which land proprietary deals can be registered in the names of beneficiaries of United Arab Emirates and Gulf Cooperation Council nationals in the emirate’s Modern Emirate’s Industrial Project.
Tameer had earlier provided a bank guarantee in favor of the Land Department in Umm Al-Quwain to ensure complete development of the infrastructure within the project area. The agreement will safeguard the investor’s ownership of land in the project.
Commenting on the agreement, Omar Ayesh, CEO at Tameer, said: “Such policies will definitely aid the development of investment opportunities within the emirate of Umm Al-Quwain. We have already started addressing the landlords to start the registration procedures.”
The Modern Emirates Industrial Project is regarded as one of Tameer’s flagships, with the concept based on developing a commercial, industrial and residential city with vast streets and integrated services. Located parallel to the Emirates Highway, the project is accessible within 25-50 minutes from the emirates of Ajman, Sharjah and Dubai.
The 150-million-dirham infrastructure at the industrial city, spread over an area of 80 million square feet, will be completed within 18 months. The real estate firm has also undertaken a number of projects in the Sharjah, including the Princess Tower and the Prince Tower.
