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Ajman to build $3.54bn city


08 June 2008


The UAE emirate of Ajman plans to build a 13 billion-dirham ($3.54 billion) city stretched out over 3.72 square kilometres, state news agency Wam reported on Sunday.

Sheikh Humaid bin Rashid Al Nuaimi, ruler of Ajman has signed an agreement with developer Ajman Oasis to build the city, which will include a shopping mall, hotels, mixed-use towers, hospital, school and other amenities.

The project, which will be located between Ajman and Sharjah in the Al-Tallah area along Emirates Road, is expected to take 10 years to complete.

Ajman Oasis has commenced work on the design phase, Wam said.

Ajman Oasis is a joint venture between Dubai Investments Real Estate Co. and Aqaar Properties focused on developing projects in the emirate.

The company was established in October last year.
 

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Ajman Oasis wound up

Thursday, 1 Apr. 2010

Ajman Oasis wound up

By Parag Deulgaonkar
Published Thursday, April 01, 2010

Ajman Oasis wound up. (EB FILE)
Dubai Investment Real Estate Company, a subsidiary of Dubai Investments, and Aqaar Properties have liquidated their joint venture formed to build the multi-billion-dirham Ajman Oasis project. The companies cited the project as not being feasible under current market conditions.
^^From Emirates Business
 
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