UAE | Housing & Property
Emaar unveils Dh12b marina project in Umm Al Quwain
Emaar Middle East announced yesterday a Dh12 billion Umm Al Quwain Marina project.
- By Kokila Jacob, Staff Reporter
- Published: 00:00 July 24, 2005
Emaar Middle East announced yesterday a Dh12 billion Umm Al Quwain Marina project.
 WAM Emaar officials during a press conference after signing an agreement with Umm Al Quwain to develop the real estate project. |
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The vast waterfront community is Emaar Middle East's (EME) first UAE development outside Dubai, and will offer more than 9,000 homes.
Shaikh Abdullah Bin Rashid Al Mualla, Umm Al Quwain Deputy Ruler, and Mohammad Ali Al Abbar, chairman of Emaar, signed the joint venture agreement on behalf of the Government of Umm Al Quwain and the real estate company.
EME, a joint venture between Emaar and the Saudi Arabian development company Al Oula, is partnering with another Saudi Arabian company, Watd Properties, for the project, officials said yesterday.
Work on the Marina, which will transform the emirate and the property market, is expected to begin in about three months, with the sales of the residences opening soon after, the officials said.
The project will cover more than 1,488 acres and is scheduled for completion within seven years.
The swathe selected for the project overlooks the Al Yufra Creek, alongside the extension of the Etihad International Highway and adjacent to the Emirates Road.
"Umm Al Quwain has great potential to be a major player in the real estate market. It is with the support of developers like Emaar that the emirate can take advantage of its natural attributes and create world class destinations like Umm Al Quwain Marina," said Shaikh Abdullah.
The basin of the Khor contains one of the most extensive tidal sand bank areas and mature mangrove forests in the Gulf region.
The project will cover more than 1,488 acres and is scheduled for completion within seven years.
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