UAE developers headed northwards
IN the UAE, developers are now looking beyond the lead cities of Dubai and Abu Dhabi – and the tiny emirates of Ajman and Umm Al Quwain are suddenly finding favour, with the recent announcement of several residential and mixed-use projects.
Among the largest is the Dh15 billion ($4.02 billion) Emirates City, launched by promoter R Holdings. The town-sized development will include 72 residential and commercial towers of between 20 and 50 floors each, as well as five-star hotels, a shopping district, mosques, five-star hotels, educational and medical facilities. To be built in a phased manner, the project will be freehold and available to all nationalities to invest in. It is located half an hour’s drive from Dubai International Airport.
Sheikh Rashid bin Humaid Al Nuaimi, chairman of the Ajman Municipality and Planning Department, says: “We envisage that this development like all the major projects currently under development across the entire UAE, will continue to draw a large amount of international investors from across the world.”
Adds Dr Ahmed Al Samerai, board member of R Holdings, “The social and economic benefit that this city will produce for Ajman and its neighbouring emirates is immeasurable. Here, people from a variety of classes and walks of life will be able to take advantage of a standard of living in a residential environment, which provides a first class lifestyle.”
Last month, HH Sheikh Ammar Bin Humaid Al Nuaimi, Ajman Crown Prince, launched the Dh1.2 billion Al Ameera Village development, expected to be completed by the end of 2007. Being developed by Tameer Holding, it has been designed to include 50 traditionally designed residential buildings, hotel apartments, a mall, several sports centres, mosques, parks and more. “Al Ameera Village is the first and just one of many town and city sized developments that will redefine what a traditional Middle Eastern city is to be like,” says Tameer’s Omar Ayesh. “We are living in exciting times and are at the threshold of a new Gulf. We are in the business of building cities and redesigning landscapes.”
Tameer is also developing the vast Al Salam City, which is expected to hold approximately half a million residents, at a cost of Dh30 billion in the neighbouring emirate of Umm Al Quwain.
Also announced last month was Goldcrest Dreams, a Dh700 million freehold residential property development in Ajman, being promoted by Star Giga Establishment. It will be handed over to clients in mid 2009.