Emmar to invest Dhs 12 billion
in real estate in Umm Al Quwain
Emaar Properties confirmed that it has signed a deal to build
a Dh12 billion ($3.3 billion) real estate project in the UAE emirate
of Umm Al Quwain. The vast masterplanned waterfront community
will house more than 9,000 homes.
The Marina, which will transform the emirate and property market,
is planned to cover more than 1,488 acres and is scheduled for
completion in the next seven years.
Emaar Middle East (EME) signed the agreement with the government
of Umm Al Quwain to create Umm Al Quwain Marina. The real estate
is located on the shore of Khor Al Beidah, a vast wildlife area.
The basin of the Khor contains one of the most extensive tidal
sand bank areas and mature mangrove forests in the Gulf region.
With the masterplan for the huge multi-billion dollar project
being finalised, infrastructure engineering and project management
are expected to begin shortly.
Umm Al Quwain Deputy Ruler Shaikh Abdullah bin Rashed Al Mualla
signed the joint venture agreement (JVA) with chairman Mohamed
Ali Alabbar.
Sheikh Abdullah said: 'Umm Al Quwain has great potential to be
a major player in the real estate market. It is with the support
of developers like Emaar that the emirate can take advantage of
its natural attributes and create world class destinations like
Umm Al Quwain Marina.'
Alabbar added: 'Umm Al Quwain, an unspoiled haven of natural
beauty, offers immense possibilities and Emaar is poised to augment
this, courtesy of the vision and commitment of the rulers of the
emirate.'
The project is expected to get some great boost from completion
of the Emirates ring road and an interchange leading to Umm Al
Quwain. These two events alone will transform access to the site
and Dubai, for example, will be no more than 30 minutes away.
The residential development planned for the site is targetted
towards the local and international markets and will appeal to
permanent residents and tourist visitors alike - whether it is
for a weekend getaway or a relaxing waterfront holiday.
The masterplan blueprint would see 2,600 residential villas and
6,500 apartments - the vast majority either waterfront or beach
front created on the site.
Some of the villas with waterfront views will be built on a large
island with gated access and a series of smaller private islands
will offer luxury waterfront villas. An additional 1,200 resort
and hotel rooms are planned as well as parks and recreational
areas, retail facilities, schools and community centres.
Alabbar said: 'Our aim is to create a community of special neighbourhoods
bordering an open stretch of water with views of the marina against
a backdrop of the Arabian Gulf. The shoreline has been shaped
to maximize the opportunity for waterfront development and recreation.'
'It is a little piece of the Mediterranean transported to the
UAE; a small beach town with a picturesque and active centre that
will offer shopping, entertainment and opportunities to socialise.'
Emaar Properties, a Dubai-based Public Joint Stock Company, is
listed on the Dubai Financial Market. -TradeArabia News Service
