Emaar Middle East (EME) is finalizing the construction of a presentation center for its AED 12 billion (US$3.3 billion) Umm Al Quwain Marina waterfront development. Umm Al Quwain Marina incorporates residential, retail and recreational facilities, sport and yacht clubs, waterfront resorts, boutique hotels, schools, community centers, open beaches, and landscapes with parks and trails.
“Developed as part of an agreement with the Umm Al Quwain Government, the 2000-acre Umm Al Quwain Marina project will bring in a new era of economic prosperity to the emirate,” said Mr Ahmad Al Matrooshi, UAE Managing Director, Emaar Properties and Member of the Board of Directors of Emaar Middle East. “The mixed-use development has the potential to generate a number of jobs and will give a fillip to the tourism, trade and real estate-powered local economy.”
The total navigable water area, including marina and a set of canals, at Umm Al Quwain Marina is about 450 acres. “The masterplan envisages 6,000 villas and 2,000 townhouses,” said Mr Al Matrooshi. “As a self-sustaining development, Umm Al Quwain Marina will also host many retail and leisure facilities including indoor gyms, tennis courts and swimming pools. Some 1,200 resort- and hotel-rooms are also being planned.”
The presentation centre, located near the highway and within the development site, embodies Arabian architectural elements in its construction. It will feature true-to-type displays of the various components of the Umm Al Quwain Marina project and will have sales and administration offices. A model of the entire project will also be showcased. Potential home-owners and investors can gain a first-hand feel of the entire project through the displays and models.
With 23 km of waterfront, Umm Al Quwain Marina has its heart a central marina basin of 450 metres diameter, big enough to berth over 600 boats. Extensive landscaping will offer residents at the villas, town homes and island villas and visitors access to waterfront recreation centers, retail outlets and other amenities. The master-planner of the project is HOK and International Partnership is the infrastructure consultant.
Umm Al Quwain Marina can be easily accessed from Dubai through the Emirates Ring Road and will offer attractive home options for UAE residents as well as overseas investors, who are looking viable investment options in the UAE.
Huge hoardings announcing Umm Al Quwain Marina have already been erected. “We are putting in place a team of dedicated sales professionals who will assist prospective buyers with detailed information on the project,” said Mr Al Matrooshi.
Umm Al Quwain Marina is a key development of Emaar outside Dubai. With a track-record of delivering 14,500 homes in Dubai, Emaar has also embarked on an expansion programme with prestigious projects in Saudi Arabia, Morocco, Egypt, Turkey, Syria, Pakistan, Jordan, Libya and India.
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the three quarters ended September 30, 2006 reached AED 4.658 billion (US$1.268 billion) – a significant gain of 26 per cent over the same period in 2005 - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,500 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai. An ISO9001:2000 quality certified company, Emaar is marching ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world’s tallest tower when completed in 2008.
The company has joint ventures and projects across the region covering Saudi Arabia, India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon and Tunisia. In Saudi Arabia, Emaar is developing the US$26.6 billion (SR 100 billion) King Abdullah Economic City, the single largest private sector project in the Kingdom.
Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the US for AED 3.856 billion (US$1.050 billion). Emaar joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million).
Last year the property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Emaar’s education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
Emaar has diversified into related business lines to further build value for its shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
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