A sizeable coastal swathe in Umm Al Quwain has been allocated for one of the largest real estate projects in UAE.
The Dh12 billion ($3.3 billion) Umm Al Quwain Marina, announced yesterday, will transform UAQ and the property market, and is expected to act as a catalyst for futher investment both foreign and domestic.
Emaar Middle East (EME) signed an agreement with the government of Umm Al Quwain to develop the real estate project offering about 9,000 homes.
The site is located on the shore of Khor Al Beidah, a vast wildlife area, overlooking Al Yufra creek. The basin of the Khor contains one of the most extensive tidal sand bank areas and mature mangrove forests in the Gulf region.
Addressing a press conference held on location Shaikh Abdullah Bin Rashid Al Mualla, Umm Al Quwain Deputy Ruler, said this project was the first of many major investments in the emirate.
"UAQ 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," he said.
Mohammad Ali Al Abbar, EME chairman, said the location was selected because it was an unspoiled haven of natural beauty. "It offers immense possibilities and Emaar is poised to augment this."
Answering questions on the impact of the project on the mangroves and the fragile eco-system, Al Abbar said the environment is a critical issue. "What was there before the project has to be kept in mind," he said.
The development is on the shoreline with very little reclamation work involved, Al Abbar added.
Tendering for the infrastructure engineering and project management are expected to begin shortly.
The completion of the Emirates ring road and an interchange leading to UAQ will further benefit the project as it will then be no more than 30 minutes away from Dubai, said Al Abbar.
The residential development planned for the site will target the local and international markets.
Al Abbar said the project will be financed "as usual. As a company it is our responsibility to do so".
Officials said Emaar normally spends on the infrastructure building and supports it by sales of the properties.
The project is being developed by EME, a joint venture between Emaar Properties PJSC and Saudi Arabian developer Al Oula, and Watd Properties, another Saudi Arabian real estate developer.
Emaar Properties' shareholders recently agreed to double its capital to Dh5.671 billion in a one-for-one rights issue.
Emaar told its shareholders the increased capital was needed to finance its overseas projects, especially in countries such as Egypt, India and Saudi Arabia where it has to purchase the land for its planned real estate developments.
Main Features
World-class destination
- 2,600 residential villas and 6,500 apartments will be built.
- The vast majority of these are either waterfront or beach front.
- Some of the villas with waterfront views will be built on a large island with gated access.
- A series of smaller private islands will offer luxury waterfront villas.
- An additional 1,200 resort and hotel rooms are planned.
- Parks and recreational areas, retail facilities, schools and community centres complete the project.
- The emirate has a total area of about 777 square kilometers with a coastline of 24 kilometres.
- The emirate has one of the largest offshore mangrove areas and an important breeding colony of Socotra cormorants.
Gulf News
