The UAE President, Shaikh Khalifa bin Zayed Al Nahyan, who is also the ruler of Abu Dhabi, Tuesday approved an ambitious master plan under which recently established Aldar Properties will develop a new posh city at Al Raha Beach on the outskirts of the capital with an estimated cost of Dh54 billion.
According to Khaleej Times, the new city will provide a life-style destination embracing residential, commercial, cultural, entertainment and public amenities.
Development costs are estimated at Dh54 billion with a total built area of 12 million square metres arranged from 60 storeys high to low-rise developments at the water's edge. It will be planned for a resident population of 120,000 inhabitants.
