Since its May 2008 launch in Ajman Al Zorah has secured pre-sales of EUR 10 billion.
LONDON (PRWEB) September 18, 2008
The landmark development brings the city building skills of Solidere International, famous for its reconstruction of Beirut City Centre, to Ajman, the newest real estate and investor destination in the Arabian Gulf.
One of the seven emirates that make up the United Arab Emirates, Ajman is 20 minutes' drive from Dubai International Airport, and boasts a long coastline of pristine beaches, wetlands and rich marine flora and fauna.
Located along Ajman's coast, Al Zorah will be a self-contained, master-planned city comprising varied residences, offices, retail, schools, hospitals and leisure facilities including a championship golf course, marinas and 5-star resort hotels. The 12 sq km project will have 16 km of beaches and waterside walks with the built-up area limited to 22 million sq m, leaving 60 per cent of the area, approximately one-third of the density of the average city, for public spaces. By the time it is complete in 2015, Al Zorah is expected to have a population of 200,000.
"Al Zorah is a truly spectacular project that will transform the beautiful but relatively unknown emirate of Ajman into a world-class mixed-use destination," said Nasser Chammaa, Chairman and CEO of Solidere International. Built to reflect the tradition and culture of the region. Al Zorah is a milestone for Ajman." Since its May 2008 launch in Ajman Al Zorah has secured pre-sales of EUR 10 billion. "The natural beauty of Al Zorah will be preserved and enriched with lush landscaping, parks, islands and waterways". Says Rami Dabbas, Head of Ajman's Real Estate Development and Investment Authority It will be an example of environmentally sensitive and sustainable development. Solidere International is also planning to expand its investment and development portfolio to include landmark projects in Turkey, Portugal, Saudi Arabia, Egypt and Montenegro. The company has also been shortlisted to develop the 'Urbanisation en mer' real estate project in Monaco, in partnership with VINCI.
Al Zorah Development Company
Al Zorah will be developed by the Al Zorah Development Company, a joint venture between the government of Ajman and Solidere International.
About Solidere & Solidere International
Solidere, the Lebanese Company for the Development and Reconstruction of Beirut Central District, is a joint stock company formed in 1994 to spearhead the reconstruction and development of Beirut city centre and its restoration to its famed beauty and architectural marvels. Solidere was capitalized by bringing together property rightholders and cash investors. Over the years the company has established a track record and a unique interdisciplinary team with practical experience in urban planning, real estate development, property management and marketing of large scale developments, including public utilities.
Solidere's shares trade on the Beirut Stock Exchange and its GDRs on the London Stock Exchange.
Solidere International, partly owned by Solidere, is registered in Dubai International Financial Centre. Other shareholders in the company include individual and institutional investors from the Middle East and Europe as well as international funds. Drawing on Solidere's 15-year expertise in urban planning, project consultancy and management, Solidere International offers a complete package that includes master planning, financing, marketing and management for developers and planners in the region and beyond.