An agreement was recently signed to establish 'White Bay', a new master planned community and tourism resort in Umm Al Quwain.
The agreement, signed by Shaikh Abdullah Bin Rashid Al Mualla, Umm Al Quwain Deputy Ruler, and Shaikh Tariq Bin Faisal Al Qasimi, Chairman of the Emirates Investments Group LLC (EIG), is worth more than Dh8 billion, according to Gulf News.
It will be marketed and managed by Emirates Sunland Group (ESG), which is a 50:50 partnership between Sunland Group, an Australia based property development company, and UAE-based Emirates International Holdings Ltd.
"This project will compliment the various other mega projects already under development in Umm Al Quwain and we envisage that such a scheme will contribute significantly to the growth of both Umm Al Quwain and the UAE," explained Raza Jafar, managing director of EIG.
© 2006 Mena Report (www.menareport.com)
