Ajman Marina to be ready in five years
Dubai: Saudi investor Tanmiyat Group, in partnership with the Government of Ajman, is developing Ajman Marina, a Dh11 billion ($3 billion) mixed-use project that will be built on three million square feet of reclaimed land near the Ajman Kempinski hotel, a top official said.
The development is expected to transform the growing skyline of Ajman - the smallest of the UAEs seven emirates.
"It will have residential, commercial and retail areas where residential units will be offered on a freehold basis whereas commercial operations will enjoy the facilities of a free zone - without local sponsorship," Sulaiman A. Al Majid, president of Tanmiyat, told Gulf News on Monday while unveiling the project.
"More than 18,000 residents will live in 8,000 residential units in Ajman Marina, which will have a total build-up area of over 14 million square feet."
His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of the Sup-reme Council and Ruler of Ajman, who is also the patron of the project, witnessed the unveiling of the project.
The project will be constructed in two phases over the next five years.
Shaikh Ammar Bin Hum-aid Al Nuaimi, Crown Prince of Ajman and Chairman of the Ajman Executive Council, emphasised the importance of the project.
"With Ajman Marina, we are launching a new step in the emirate's growth, in order to reach the position that it deserves, both locally and regionally," he said.
"The first step forward is to develop the necessary infrastructure to accommodate the expected revolution, and then to develop and improve the rules and regulations so as to make the area attractive to investors, and which will encourage the private sector to play a role in the revolution phase, which we agree will be unique and sophisticated,'' he said.
Renowned masterplanner HOK has been awarded the design contract.
"We plan to start work on the project by early next year," Majid said. "The entire project is planned to be completed in five years."
He said the company will initially invest money from its own resources. "Bank finance is an option, if we need," he said.
The sale of the housing units will start as soon as the detail designs are finished.