Abu Dhabi: A new 20 million sqm ‘integrated smart city’, focused on renewable energy and sustainability, will be developed in Abu Dhabi’s Ghantoot region.
ADX-listed Q Holding and ORA Real Estate Development Group have signed a partnership agreement to build the smart city. The costs involved in building the smart city are yet to be revealed.
This project is an essential addition to Q Holding’s real estate investment portfolio, furthering its ambitious plans to expand in the country’s real estate market, said Abdulla Mohamed Butti Al Hamed, Chairman of the Board of Directors of Q Holding. He said the partnership would significantly support Abu Dhabi’s local economy and encourage real estate investment in the capital city.
The integrated city will provide the community with residential, hotel, cultural, commercial, sporting and recreational services, focusing on renewable energy and sustainability.
Majed Odeh, Group CEO at Q Holding, said the company has an unwavering commitment towards innovation and progress as it strives to develop sustainable and smart cities that meet the needs of communities today while ensuring a brighter tomorrow.
Meanwhile, Engineer Naguib Sawiris, Founder and CEO of ORA, said the real estate development group has a sales value of over $12 billion worldwide in its diverse real estate portfolio, spanning Egypt, Greece, Cyprus, the Caribbean, and Pakistan.