DUBAI, 24 January 2007 — The UAE emirate of Ajman announced yesterday that it had tied up with Beirut-based Solidere Management Services to develop a 50-billion-dirham project.
Calling Al-Zorah, which will cover 10 square kilometers, as “Downtown Ajman,” the emirate’s Crown Prince Sheikh Ammar Bin Humaid Al-Naimi said the project would be a landmark for Ajman with several iconic achievements.
“We are not trying to replicate other projects, but the idea behind Al-Zorah is to have our own identity which will make us stand out from other emirates. What we are trying to do is to have an unique project which will attract not only individuals, but investors and companies, alike.”
The project, which plans to cash in on its pristine coastline of three to four kilometers, will be a completely “new city,” Sheikh Ammar said, adding that it will consist of hospitals, schools, offices, shopping centers, residential buildings, golf course, marina and five-star hotels.
“The masterplan is under development by renowned consultants. And we will be able to give further details in the coming months,” he said.
According to Ajman Investment and Development Authority’s head of real estate development Rami M. Dabbas, Al-Zorah will be completed in different phases and within a time frame of seven to 10 years.
“We are open to everyone and we will try to reach everyone,” he said, without disclosing the marketing strategy for selling the project.
“Funds for Al-Zorah will be raised through a combination between private placement, government investment and presales,” Head of Ajman Municipality and Aqaar Chief Executive Sheikh Rashid Bin Humaid Al-Naimi said.
Highlighting Ajman’s capability to match infrastructure needs of the project, Sheikh Ammar said “infrastructure in Ajman is absolutely ‘solid’ and work is on constructing a new 3000-MW power generation plant, and a desalination plant.”
To ease congestion in the city, Ajman is also planning to relocate Ajman Port to Al-Zorah area. “We want to create a new and modern port. Since it will be located close to Al-Zorah, it will ease congestion in the city.”
