Public RecordRecord
DAMAC, Al Zorah Sign $816.9M Waterfront Residential Agreement in Ajman
First phase of the mixed-use waterfront project is scheduled to launch in Q1 2027.
DAMAC Properties and Al Zorah Development Company signed an agreement for a mixed-use waterfront residential project in Ajman valued at $816.9 million. The first phase of the development is scheduled to launch in Q1 2027, according to Forbes Middle East.
Agreement Terms and Project Value#
The agreement between DAMAC Properties and Al Zorah Development Company establishes the framework for the $816.9 million waterfront residential project. The development will be located in Al Zorah, a coastal area in Ajman characterized by natural mangroves, waterways, and coastal landscapes. The project is structured as a mixed-use development, though specific details of the commercial and residential components were not disclosed in the announcement.
First Phase Launch Timeline#
The first phase of the waterfront project is expected to launch in Q1 2027, as stated in the agreement. No details were provided regarding the number of phases planned, the size of the first phase, or the total timeline for project completion. The Q1 2027 date represents the anticipated launch of sales or construction commencement for the initial phase.
Al Zorah Development Location#
The project will be situated in Al Zorah, a coastal destination in Ajman that features natural mangroves, waterways, and beaches. The area includes existing infrastructure such as a marina, championship golf course, and leisure attractions. The waterfront location provides access to these amenities, which are part of the broader Al Zorah development area.
DECA Developments Concurrent Announcement#
DECA Developments separately announced the Lorévia Collection, which includes a waterfront residential development in Al Zorah among ten planned destinations across the UAE and beyond. DECA stated plans to introduce over $817 million worth of new developments in the next six months. The Al Zorah project within the Lorévia Collection is described as a waterfront residential address, though it was not confirmed whether this is the same project covered by the DAMAC-Al Zorah agreement.
Sources2 sources across 2 domains
- forbesmiddleeast.comForbes Middle EastDAMAC Properties and Al Zorah Development Company signed an $816.9 million agreement with first phase launch expected Q1 2027
- meconstructionnews.comME Construction NewsDECA Developments announced Lorévia Collection with over $817 million in planned developments including Al Zorah waterfront project
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