However, with Dubai is thriving endlessly and fast developing into a world-class city full of supertowers and mega cities within city, the northern neighbouring emirates like Sharjah, Ajman, Umm Al Quwaim (UAQ)and Ral Al Khaimah (RAK) are the real beneficiaries of economy growth.
Ajman unveils Dh220b project
Ajman's largest-ever real estate initiative, a Dh220 billion mixed-used freehold development was launched on Thursday by Al Zorah Development, a joint venture between the government of Ajman and Solidere International.
Located on the northern coast of Ajman, the venture is estimated to be able to support a resident and working population of 200,000, with residents making up about 85 per cent.
"The project will take five to seven years to be completed, with work starting in a few months," said Dr. Nasser Chammaa, chairman and chief executive, Solidere International.
It will be a self-contained community comprising residences, offices, retail, schools, clinics and leisure facilities including five marinas and a number of five star hotels and resorts.
"Al Zorah combines both natural and urban environments in one; it is an ambitious project, intended to transform Ajman into one of the region's most sought-after places to live, work and play, in an urban environment that also ensures energy conservation and sustainability for future generations," Chammaa said.
An area of 12 square kilometres will be covered, with a built up area of 22 million square meters.
Residential buildings will make up 52 per cent of the built up area, offices 22 per cent, retail stores 11 per cent, hotels eight per cent, with warehousing, storage and infrastructure making up the remainder.
"The maximum limit on the high rise is 50 floors, with an average height of 10 storeys," Chammaa said.
Chammaa said the development company will only work on 30 per cent of the project, focusing on strategic buildings. For the rest of the 70 per cent, he said, "We are in discussion with international contractors and suppliers. Tenders are under discussion and we will take the best."
He added that the project has already attracted a 'huge number' in investments and that the cost of inflation has been factored into the overall estimates.
Officials refused to comment on sales price of plots, residences or offices, but they said the details will be announced soon.
Al Zorah will also house a retail mall spread out over 200,000 square meters, along with villages, golf course, parkway development, equestrian centre, hospitals and other community healthcare facilities and three schools. It will also have large areas of water and green public spaces, as well as 20 kilometres of canals and waterways. There will be a total of 16 kilometres of sandy white beaches and waterside walks.
The whole development will be linked to the Emirates Road with a new 8.5-kilometre access road.
The project is focused to preserve the natural environment, with the buildings and infrastructure designed to be energy-efficient. Construction methods will cut energy use by up to 50 per cent, officials said, keeping Al Zorah's ecological footprint to a minimum.
The new city will encourage people to leave their cars at home with an integrated network of walkways, canals, waterways, bicycle paths and public transport facilities.
And New AIRPORT!
A masterplan for the 12 billion dirham ($3.3bn) Ajman International Airport was handed to the emirate’s ruler for approval on Sunday, with work expected to begin by the middle of next year.
The UAE’s fourth international airport, located near Al-Manama, will serve one million passengers a year, handling a minimum of 400,000 tonnes of cargo, which will account for 70% of airport services, an official told UAE daily Gulf News. The Spanish Groupo Inmobiliario Whitelake is to lead the 60 million square feet project, spending 2 billion dirhams on the airport itself, and a further 10 billion to develop adjacent residential and commercial properties.
"Initial investment of Dh1.5 billion has come in from Spanish companies looking to develop the property and another amount was financed from local banks," Whitelake’s director of finance Alex Mond told Gulf News. Letters of intent for landing rights had been received from 25 airlines so far, Mond added, but said that nothing had yet been confirmed.