Sharjah-based Tameer Holding yesterday announced a Dh30 billion residential city in Umm Al Quwain designed to accommodate half a million people. Al Salam City located alongside the Emirates Road is Tameer's largest project covering 220 million square feet.
The agreement was signed on location yesterday by Shaikh Abdullah Bin Rashid Al Mualla, Deputy Ruler of Umm Al Quwain; Omar Ayesh, president of Tameer Holding, and Ahmad Al Rajhi, representing Al Rajhi Banking and Investment Corp of Saudi Arabia.
 The project will be completed in three phases, with each one expected to take five years at an investment of Dh10 billion. Work on the first phase will begin by the end of this year and will cover 15 million square feet comprising 15,000 residential units. |
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Tameer and Al Rajhi each have a 38.5 per cent stake in the project and the Umm Al Quwain government holds the remaining 23 per cent, said Ayesh.
The project will be completed in three phases, with each phase expected to take five years at an investment of Dh10 billion, he said.
Development of the first phase will begin at the end of this year and will extend over 15 million square feet comprising 15,000 residential units.
Ayesh said the project will be initially financed by Tameer but is open to local and foreign investors.
Residential units will be sold on a 99-year lease with residence visas provided for foreign buyers in accordance with local laws, he said.
"Prices will be very competitive and payment terms and conditions will be very easy. There will be an initial 10 per cent deposit followed by financing spread over 15 years after delivery of units," said Ayesh.
"The most attractive selling point is that the monthly mortgage payments will work out less than rents in other emirates," he said.
Tameer Holding was set up in 2003 with a capital base of Dh1 billion.
Sharjah investor Ayesh and the Al Rajhi Banking and Investment Corp, Saudi Arabia's largest listed bank and the largest Islamic bank in the Arab world, are equal shareholders.
Tameer entered Dubai's real estate market through Dubai Princess, one of the tallest residential towers in the UAE.
It has several other ambitious real estate projects underway in Dubai, Sharjah and Ajman.
AT A GLANCE
Main features of the city
- The Al Salam City is an integrated residential and commercial city consisting of a number of residential districts, prominent towers, parks, playgrounds and entertainment centres.
- The 'Downtown' area will have: a mega shopping mall; a main hotel tower composed of more than 50 floors; 20 residential and commercial towers of 20 to 25 floors; 1,000 residential villas; 200 residential buildings of five to 10 floors.
- The City further consists of mosques, schools, banks, commercial shops and a number of distinctive cafes and restaurants.
