Ajman announces $59.8bn mega residential project

Solidere plans to develop a 220 billion dirham ($59.8 billion) coastal city in the UAE sheikhdom of Ajman that will offer freehold status to investors.

The vast ‘Al Zorah’ project will be jointly developed by the government of Ajman and Solidere International, a unit of the company also known as The Lebanese Company for the Development and Reconstruction of Beirut Central District.

The project will include 5-star hotels and golf courses, according to a statement issued to reporters ahead of a press conference in Ajman on Thursday.

It will "combine natural and urban environments intended to transform Ajman into one of the region's most sought-after places to live", Ruler of Ajman Sheikh Humaid bin Rashid Al Nuaimi said in the statement.

The city is projected to host a population of 200,000 residents.

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