One of the most important European real estate shows opening this week in Milan, Italy will feature the Europe launch of the AED220 billion Al Zorah project, the 12 sq km coastal city under development in Ajman.
Al Zorah Development Company, a joint venture between the Government of Ajman and Solidere International Limited, will be a strong presence at the Expo Italia Real Estate exhibition held 10-13 June 2008, promoting the investment potential of the Ajman real estate sector.
Al Zorah will be in Pad 4 Stand A11-A19 B12-B20, at Expo Italia Real Estate. Rami Dabbas, Head of Ajman’s Real Estate Development and Investment Authority, and Board Member of Al Zorah Development Company, will also be present at the show.
“EIRE 2008 comes at a time when Ajman wants to flex its real estate muscle in Europe,” said Sheikh Rashid Bin Humaid Al Noaimi, Chairman of Al Zorah Development Company. “Investors throughout Europe have a keen interest in property in the GCC and we believe the spectacular Al Zorah development presents an attractive opportunity.”
The coastal city of Al Zorah, with an expected population of 200,000, is the largest development launched to date in Ajman and has already secured pre-sales of AED10 billion from investors from Asia, Europe, the Indian sub-continent and the Middle East.
“Hardly six weeks into its launch, Al Zorah is talk of the town and it’s seen as a project that will transform Ajman and change equations in the GCC property sector. Al Zorah was the centre of attraction at the recently concluded Cityscape Abu Dhabi. Considering that the net sales achieved at Cityscape was AED35 billion, our pre-sales figure of AED10 billion speaks best of the level of interest in Al Zorah,” said Nasser Chammaa, Chairman and CEO of Solidere International.
Located along Ajman’s pristine coast, Al Zorah will be a self-contained, master-planned city containing varied residences, offices, retail, schools, hospitals and leisure facilities including a championship golf course, marinas and 5-star resort hotels. It will be 12 square kilometers in area, with a built up area of 22 million square meters and 16 kilometers of beaches and waterside walks. Overall, 60 per cent of the development will be public space, about a third of the density of the average city.
Imad Dana, CEO of Al Zorah Development Company added: “Al Zorah will be a sustainable city in all respects, adopting best practices in environmentally friendly construction and living. With sustainability becoming a key concern and guiding principle of developments in enlightened societies, initiatives like Al Zorah have an added appeal and this will be once again evident at Expo Italia.”
