Emmar to invest Dhs 12 billion in real estate in UAQ
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
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