The first phase of a Dh50 billion project to build on Ajman’s largely untapped tourism sector will begin in the new year, Emirates Business has learned.
Blueprints have been drawn up to develop a 12km strip of the emirate’s unused coastline. Once complete, it is expected the Al Zawra development will draw tens of thousands of visitors to the area. The plans include high-rise towers, shopping malls and hotels and restaurants extending along the beach. Officials behind the project say Al Zawra will put Ajman on the tourist map.
Al Zawra is being developed jointly by the Ajman Government and Solidere of Lebanon, with each partner holding an equal share. The project was announced at the beginning of this year, however a timeframe and start time were not disclosed. Last week, the Ajman Government and Solidere formed Al Zawra Development LLC, with an initial outlay of Dh5bn. Sheikh Rashid bin Humaid Al Nuaimi, chairman of Ajman Municipality and Planning Department, has been appointed as chairman of the firm.
Traffic management and development of infrastructure were on the agenda of the company’s first meeting. It was decided that the project will be linked to the Emirates Road to ease the movement of vehicles. It is believed this facility will prove to be a major attraction for potential investors.
Also, senior government officials are preparing a freehold property law. It is understood to be similar in format to the Abu Dhabi and Dubai legislations. Ajman currently registers full ownership of property in the name of a foreign investor in certain areas of the emirate.