Solidere International

Solidere International Launches EUR40 Billion Al Zorah Project in Europe

    Milan (ots/PRNewswire) - Solidere International, one of the Mediterranean region's largest and most successful master-plan developers has launched its ambitious EUR40 billion mixed use development, Al Zorah, to an international audience during its participation in the Expo Italia Real Estate (EIRE), the leading property exhibition held in Milan, June 10-13, 2008.

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    The landmark development brings the city building skills of Solidere International, famous for its reconstruction of Beirut City Centre, to the newest real estate and investor destination in the Arabian Gulf, Ajman, one of the seven emirates of the United Arab Emirates. Solidere International, is also planning to expand its investment portfolio to include landmark projects in Turkey, Portugal and Montenegro. The company has also partnered with "VINCI", the leading French company and was shortlisted to develop the "Urbanisation en mer" huge real estate project in Monaco.

    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.

    "Al Zorah is a truly spectacular project that will transform the relatively unknown emirate of Ajman into a world-class residential, business and leisure destination," said Nasser Chammaa, Chairman and CEO of Solidere International. "It is a milestone for the emirate of Ajman, which will be built in line with the vision of the emirate's ruler and in a way that will reflect the tradition and culture of the region."

    The new coastal city with an expected population of 200,000 will be developed by the Al Zorah Development Company, a joint venture between the government of Ajman and Solidere International. It is the largest development to be launched to date in Ajman and has already secured pre-sales of EUR1.75 billion with investors from Asia, Europe, the Indian sub-continent and the Middle East.

    Rami Dabbas, Head of Ajman's Real Estate Development and Investment Authority, and Board Member of Al Zorah Development Company added that the development will adopt best practices in environmentally friendly construction and living.

    "The natural beauty of Al Zorah will not only be left unharmed, but also enriched with lush landscaping, parks, islands and waterways. The nature of Al Zorah and the fact it will be located in one of the fastest growing real estate regions of the world are its greatest assets and will make it an attractive investment choice for those we are presenting to at Expo Italia Real Estate (EIRE)."

    Solidere International and the Al Zorah project can be visited in Pad 4 Stand A11-A19 B12-B20,10 - 13 June 2008 at the Expo Italia Real Estate.

    Facts and Figures

    - Al Zorah will be developed by the Al Zorah Development Company, a joint venture between the government of Ajman and Solidere International

    - Solidere International is partly owned by Solidere, the Lebanese Company responsible for the development and reconstruction of Beirut City Centre

    - Solidere International and the government of Ajman are both 50 per cent shareholders in the Al Zorah Development Company

    - Al Zorah Is a freehold AED 220 billion mixed use development located on the northern coast of Ajman and is the biggest master plan announced by the emirate of Ajman

    - The development will cover 12 square kilometers, with a built up area of 22 million square meters and large areas of water and green public spaces

    - It will be a self-contained, master-planned city comprising varied residences, offices, retail, schools, clinics and leisure facilities including marinas and a number of 5-star hotels and resorts

    - Resident and working population will be around 200,000, with residents making up about 85 per cent of this; the development will promote an environment for working and living

    - The development will feature residential waterfront villages, low rise villa communities, apartments with some having direct indoor access to retail, office accommodation, a 200,000 square meter mall and 16 kilometers of sandy white beaches and waterside walks

    - It will be linked to Emirates Road with a new 8.5 kilometers access road

    - The location is just 25 minutes away from Dubai International Airport, and 10 minutes away from Sharjah International Airport, via the new link road

    - It is divided into several mixed use areas, including the city centre, resorts, villages, golf course, and parkway development

    - The master plan is focused on the preservation of the natural environment which includes, 30 species of mangroves, more than 20 species of birds, other wildlife, countless coastal fish, trees and sand dunes

    - 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

    - It incorporates environmentally-friendly design and energy-efficient infrastructure

    - It will be a sustainable development that will use building aspect, maximum shade, energy efficient building materials and modern construction methods that will cut energy use by up to 50 per cent

    - There will be an attractive mix of building height, including low and higher-rise buildings, with an average height of 10 storeys

    - Of the built up area, residential buildings will make up 52 per cent, offices 22 per cent, retail stores 11 per cent, hotels 8 per cent, with warehousing, storage and infrastructure making up the remaining 7 per cent


    - Sixteen kilometers of sandy white beaches and waterside walks

    - An 18-hole championship golf course and club house

    - Five public marinas, with private marinas adjacent of residential communities, 20 kilometers of canals and waterways

    - 5-star resort hotels

    - Retail mall of 200,000 square meters

    - Equestrian Centre

    - Jogging and horse trekking tracks

    - Hospitals and other community healthcare facilities

    - Three schools, offering American, French and Indian curriculum

    - Public transport facilities

    About Solidere

    Solidere, the Lebanese Company for the Development and Reconstruction of Beirut Central District, is a joint stock company formed in 1994 to spearhead the reconstruction and development of Beirut city centre and its restoration to its famed beauty and architectural marvel. Solidere was capitalized by bringing together property rightholders and cash investors. Over the years the company has established a track record and a unique interdisciplinary team with practical experience in urban planning, real estate development, property management and marketing of large scale developments, including public utilities.

    About Solidere International

    Solidere International, partly owned by Solidere, is registered in Dubai International Financial Centre. Other shareholders in the company include individual and institutional investors from the Middle East and Europe as well as international funds. Drawing on Solidere's 15-year expertise in urban planning, project consultancy and management, Solidere International offers a complete package that includes master planning, financing, marketing and management for developers and planners in the region and beyond.

ots Originaltext: Solidere International
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