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U N I T E D A R A B E M I R AT E S Y E A R B O O K 2 0 0 8

Umm al-Qaiwain Marina waterfront development incorporates residential, retail, and recreational facilities, sport and yacht clubs, waterfront resorts, boutique hotels, schools, community centres, beaches and parks.

residential property development at Paradise Lakes on the Emirates Road and Goldcrest Dreams is scheduled for delivery in mid-2009.

Dubai-based Emaar’s Dh12 billion Umm al-Qaiwain Marina waterfront project, which is being developed in agreement with the Umm al-Qaiwain government, has real potential to increase employment and boost the tourism, trade and real-estate-powered local economy.

Having successfully concluded a number of real estate deals with the government of Sharjah, the regional property developer Tameer is involved in the Dh30.5 billion Al Salaam City development, an integrated residential and commercial city off Emirates Road. Umm al-Qaiwain government and the Emirates Investments Group LLC (EIG) have also signed an agreement that will see the establishment of White Bay, a master-planned community and tourism resort on the shores of the Khor al-Beida lagoon. In addition, Umm al- Qaiwain’s development plan includes the establishment of an airport, a University City, a Business City, Medical City and Industrial City.

The country's northernmost emirate Ra’s al-Khaimah has entered a determined phase of development. More than Dh50 billion worth of projects are at various stages of planning and construction. Over 60 per cent of these are lifestyle projects that focus on booming sectors such as tourism and real estate. Industrial development will account for the remaining 40 per cent. RAK's Investment and Development Office (IDO) expects investment to generate more than 40,000 jobs in the next three to five years.

The Dh5.5 billion Saraya Islands residential and tourism project is a joint initiative of the RAK government, Saraya Holdings and Arab Bank.

Ra’s al-Khaimah City.

A major beachfront resort costing Dh400 million is taking shape by Al Hamra Palace Hotel, Nearby RAK Properties have contracted with China-based China Harbor Engineering Company to carry out the marine works for the private master-planned Dh67 million waterfront community, Mina Al Arab. Egyptian developers are building The Cove and Khoie Properties are involved in the Dh2.93 billion La Hoya Bay master development on Marjan Island and have launched a Dh550 million freehold commercial development, La Hoya Bay Business Park, as part of the project.

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