Solidere set to launch major projects in Saudi and Egypt

Solidere International, which is developing the Dh220 billion Al Zorah project in Ajman, will launch major projects in Saudi Arabia and Egypt by end of the year, a senior company executive said.

"In the Middle East, we are entering into partnerships with key groups in both Saudi Arabia and Egypt. We are working on three landmark projects in Riyadh and one in Jeddah. There will be two large projects, one each on the east and west side of Cairo," Dr Nasser Riad Chammaa, Chairman and Chief Executive Officer of Solidere International, told Emirates Business.


What does the joint venture entail in Ajman? Could you detail the current worth of the company?

Al Zorah Development Company is currently operating with an equity capital of Dh4 billion. The Ajman Government has contributed Dh2.2bn in the form of land, while the remaining Dh1.88bn has been the equity infusion by Solidere Investments' Al Zorah Equity Investments. According to the concession agreement, Solidere International will provide the management expertise. The Government of Ajman will have three members on the board, while we will have four.

How are you preparing to pull off such a massive venture such as Al Zorah?

We have commissioned the best consultants from the world. There will be Ian Hogan for urban design and masterplan development, Ove Arup and Partners for strategic advisory services on transport infrastructure and sustainability. COWI of Denmark will look into the environmental impact assessment study, the hydraulic modelling studies and reclamation works, and Dar Al Handasah (Shair & Partners) will do the infrastructure design. The management is holding discussions with a number of other contractors for marine and infrastructural works. We are even working towards lowering energy consumption and beach protection. We have also created a buffer zone around the mangrove area, which will prohibit developments around the area.

What about infrastructure works for Al Zorah? You have embarked on such a massive venture, how equipped are you to ensure smooth progress?

Firstly, our project will be developed is phases. The first phase is expected to see a build-out in the next two years, while we expect the entire project to be completed in five to seven years.

Al Zorah will be powered by a 2,000 megawatts plant, which will be built adjacent to the development.

Moreover, we are committed to any other energy solution, that will be required to meet any shortfall on the power front.

How satisfied are you with the progress of infrastructure in Ajman?

Solidere is involved with the Ajman Government's Vision 2030 plan. There will always be additional contributions to the infrastructural programmes that we will be involved in. This means we will invest in infrastructure work outside the limits of the project. For example, on the Al Zorah project, we will be providing a direct link from the project all the way to Emirates Road.

Have you got plans to list your company in Dubai?

We have just started the company a year ago and will look at listing on the Dubai International Financial Centre after two years.

Give us an overview of your investments in the region and globally?

In the Middle East, we are entering into partnerships with key groups in both Saudi Arabia and Egypt. There will be two large projects, one each on the east and west side of Cairo. In Saudi Arabia, we are working on three landmark projects in Riyadh and one in Jeddah. In Beirut, despite a waning economy, we continue to do well. We have invested more than $5bn in the nation.

PROFILE: Dr Nasser Riad Chammaa Chairman and Chief Executive, Solidere International

Dr Nasser Riad Chammaa is a Lebanese national, holding a doctorate in operations research from the University of California, Los Angeles and a bachelors degree in electrical engineering and computer science from the University of California, Berkeley.

Previously, Dr Chammaa held positions at Bell Laboratories and at the International Telecommunications Union and was head of operations and maintenance at Saudi Oger, a regional contracting, operations and maintenance and telecommunications provider operating in the Middle East, France and Africa. He is member of the board of trustees of the Prince of Wales' School of Traditional Arts, based in London.