June 2009, a move timed to coincide with full-fledged operations at the world's largest airport, Al Maktoum International Airport, construction of which is currently well under way.
Nearby, Nakheel is planning Dubai Waterfront on an area bigger than Manhattan and Beirut, offering investors over 250 master- planned waterside communities with mixed-use, commercial, residential, resort and amenity areas. The handover to investors of the first phase of development, Madinat Al Arab, the planned urban downtown at the heart of Dubai Waterfront, commenced in 2007.
Nakheel is building Dubai Waterfront on an area bigger than Manhattan, offering investors over 250 master-planned waterside communities.
REAL ESTATE IN THE NORTHERN EMIRATES
Sharjah, a short distance from Dubai, has also been the location of a considerable amount of development in the past few years, including hotels and mixed-use developments. One such work-in- progress is Hanoo Holdings’ extensive Nujoom Islands development off Hamriyah beach along the Sharjah coast, which will cost Dh18 billion and cover over 5 million square metres. Comprising residential, entertainment, retail and leisure developments on ten islands, all to be constructed in several phases, the project includes an International Business and Financial Centre (IBFC). Hanoo are also developing the Dh3 billion Emirates Industrial City project in the emirate.
Ajman is striving to make a name for itself in real estate and tourism, spearheaded by Ajman Investment and Development Authority (AIDA) in conjunction with its development arm Aqaar. The intention is to transform the emirate into a popular destination for both tourism and business.
Approximately 200 freehold residential towers are either under construction or have been completed since the city's freehold regulations opened up the possibility of 100 per cent ownership rights. Developments include the 15-tower Al Naeymiyah Towers; Rashidiya Towers, a complex of 11 buildings and the nine-building Al Khor Towers development completed at the end of 2007. Other major projects scheduled for delivery by 2010 include Horizon Towers, Falcon Tower, Ajman One and Corniche Tower. In addition, Star Giga Establishment has launched a Dh700 million freehold
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