Al Zorah Development, MAG Group ink land deal for premium waterfront project in Ajman
Al Zorah Development Company, a joint venture between the Government of Ajman and Solidere International, signed a land acquisition deal with MAG Group Holding, a multinational conglomerate with diversified interests across various sectors, to develop a premium mixed-use waterfront development in Al Zorah City.
The new development will span a prime 261,180 square foot plot in the heart of Al Zorah Marina 1, a location renowned for its pristine natural beauty and strategic location.
With a built-up area of approximately two million square feet, the project is envisioned as a holistic mixed-use community featuring residential units, branded and serviced residences, office spaces, retail outlets, and a hotel.
George Saad, CEO of Al Zorah Development Company, said the MAG waterfront project will further enrich the range of products that the company is offering to investors.
'This project reflects our dedication to creating sophisticated eco-living environments where innovative urban design and natural beauty coexist in harmony,' he said.
Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding, said the project reflects the company's commitment to create exceptional living spaces that elevate the standard of urban living for residents and visitors alike.
This strategic agreement reflects a shared vision between Al Zorah Development Company and MAG Group Holding to create communities that blend luxury, functionality, and environmental responsibility, the companies said.
The development will incorporate cutting-edge design concepts and sustainable building practices, setting a new benchmark for mixed-use developments in the region, they said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
2 hours ago
- The National
UAE Property: ‘Can my landlord evict me for not agreeing to a rent rise?'
Question: I have been renting a villa in Dubai for the past three years, and my tenancy contract is due for renewal in a couple of months. My landlord has just informed me that he intends to increase the rent by 15 per cent, which seems excessive. I checked the Real Estate Regulatory Agency's rental index, and according to it, my current rent is already within the acceptable range for similar properties in my area. I've raised this with my landlord, but he insists on the increase and says if I don't agree, he will not renew the contract. I've always paid rent on time and maintained the property well. Do I have any legal recourse in this situation? Can he evict me just because I'm not agreeing to the rent hike? CT, Dubai Answer: Under Dubai's tenancy laws, specifically Law No. 26 of 2007 as amended by Law No. 33 of 2008, landlords cannot arbitrarily increase rent beyond what is permitted by the Rera. The new smart rental index is the official tool that governs permissible rent increases and any proposed rise must fall within the parameters it outlines. If your current rent is already within the acceptable range compared to similar properties in your area, and the index confirms that a 15 per cent increase is not justified, then the landlord cannot legally impose such a rise. Furthermore, the landlord must provide a minimum of 90 days' written notice before the renewal date if he intends to amend any terms of the contract, which obviously includes the rent. If he has failed to do so within this time frame, the existing terms – including the current rent – will automatically carry forward into the new lease term. Regarding eviction, the law is clear: a landlord can only evict a tenant for specific reasons, such as wanting to move in themselves or to sell the property. These reasons must be supported by proper documentation. Even then, they are required to provide at least 12 months' notice through a notary public or registered mail. In your case, if the landlord is threatening to evict you purely because you are not accepting an illegal rent increase, this would not stand in front of the Rental Dispute Settlement Centre (RDSC). You have every right to challenge such a demand and I would encourage you to gather all communication in writing and, if need be, file a complaint with the RDSC to uphold your rights. Q: I'm based in London and am considering buying a property in Dubai as an investment. While I'm familiar with the sale prices, I want to make sure there are no hidden costs or taxes that could catch me off guard. What additional costs should I expect when purchasing a property in the UAE, especially in terms of government fees, taxes and continuing expenses? GC, London A: The UAE, and particularly Dubai, remains one of the more attractive property markets globally due to its relatively low transaction costs and absence of annual property taxes. However, there are still several upfront and continuing costs you should be aware of: Upfront costs Dubai Land Department (DLD) fees: This is the most significant government-related cost. The DLD charges a 4 per cent transfer fee on the property's purchase price, plus an administration fee (typically Dh580 for apartments/villas). Agency commission: If you use an estate agent, expect to pay around 2 per cent of the purchase price as a commission. Trustee office fees: These are the service centres that process the legal transfer. The cost is around Dh4,000 for properties above Dh500,000 (and Dh2,000 for those below that threshold). Mortgage registration fee: If you're borrowing to buy, the DLD charges 0.25 per cent of the loan amount, plus Dh290 in admin fees. Valuation fee (for mortgages): Lenders typically charge around Dh2,500 to Dh3,500 for property valuation, paid by the buyer. Developer's NOC fee: For secondary market purchases, the developer must issue a no objection certificate (NOC) to transfer ownership. This usually costs between Dh500 and Dh5,000, depending on the developer. Continuing costs Service charges: These are annual fees paid by property owners to maintain the building or community (covering cleaning, security, landscaping, etc.). Charges vary widely by project and are calculated per square foot. Maintenance/repairs: These are not regulated and depend on the age and condition of the property. It's wise to budget for unexpected repairs. One of the major benefits in the UAE is that there is no annual property tax on owned real estate or any tax on selling the property either, making it an appealing investment environment. That said, if you let the property, you may need to consider income from rent in your home country's tax filings, depending on your residency status and tax obligations abroad. In conclusion, while there are no hidden taxes, the combined cost of these fees can total between 7 per cent to 8 per cent of the property price, so it's important to budget accordingly.
Gulf Business
7 hours ago
- Gulf Business
Ethara's Danny Klima on project management and its role in global sporting events
Image: Gareth Harford / Motorsport Images Photographer) courtesy E1/ For illustrative purposes In the high-stakes world of international events, delivering flawless execution while juggling complex logistics, tight timelines, and diverse stakeholders is no small feat. Danny Klima, venue portfolio director at Ethara, shares how project management principles are at the heart of the success of iconic events like the Formula 1 Etihad Airways Abu Dhabi Grand Prix last year. With over two decades of global experience and 18 years in the UAE, Klima reflects on how certifications from the Project Management Institute ( Danny Klima/ Image: Supplied How has your project management training supported the successful delivery of the Abu Dhabi Grand Prix? Live events have their own set of inherent uncertainties and risks involved with anything from weather conditions, logistical issues and last-minute changes impacting deliverables.. We need to be agile and quick to adapt and turn things around whatever the disruptions as the event has to go live. My Project Management Professional (PMP) and Program Management Professional (PgMP) certifications gave me the tools to lead cross-functional teams with a leadership style that balances decisiveness and collaboration. These qualifications also helped me foster synergy across technical teams and international stakeholders while embedding a culture of accountability. In the end, the outcome is the most crucial part of it all, and if we are able to navigate the challenges and have a process-driven approach while remaining quick on our feet to counter unexpected challenges on the way, we have a win-win situation in hand. Sustainability is another key focus. I used my training to embed sustainability within every phase of the project — from work breakdown structures and programme architecture to delivery and post-event evaluation. This structured approach helped us integrate innovations like renewable energy and waste-reduction strategies into the planning and execution process. What are some of the key sustainability initiatives at the Grand Prix? Sustainability is a fundamental part of our event blueprint. The Grand Prix operations teams are quite process-driven to ensure efficiency and they are already dialed into sustainability. Our sustainability initiatives, be it around advanced technology to reduce our energy consumption — all of our track lights are LED so it reduced our electricity demands — or our renewable project, where we commissioned a one-megawatt solar car park, are really a fundamental part of the business. F1 has a sustainability steering committee that ensures sustainability is embedded into department objectives. For a massive event like this where we have 70,000 spectators coming to an event for a 10-hour day, the impact can be huge. We focus on plastic and waste, wellbeing, energy use, fan travel, how fans get to the venue, how the event impacts the local community, and, of course, carbon. And we think about air quality. We think about noise. We think about groundwater pollution. We initiated a shift to e-tickets as part of our waste management agenda a few years ago. We didn't have to produce the plastic cards, or the lanyards. We didn't need planes and trains and buses to ship the tickets all around the world. So we eliminated all of that waste and logistics from the event, which we're really proud of. We're an old venue. Yas Marina Circuit has been operating since 2009, so we have a lot of old technology. Converting everything to LED lighting has definitely helped. Even simple solutions like having water diffusers on the bottom of taps has helped to reduce wastage especially when we have 70,000 people using the venue. We work with suppliers with sustainability strategies, who have frameworks and net-zero ambitions, and help us deliver our objectives as well. As for how we measure the success of our sustainability drive, we have a robust customer feedback survey which enables us to work around our limitations and scale up our success. We also ensure we are up to date with our certifications which showcases our adherence to sustainable measures. We also get scored by Formula 1 for our sustainability plan around plastic and waste, well-being and nature, energy, fan travel, local community and carbon. Formula 1 sets some stringent guidelines and their feedback mechanism through scoring and awards enable us to ensure we are on the right path. Looking back at the 2024 Formula 1 Etihad Airways Abu Dhabi Grand Prix — what was a key learning from this edition? The 2024 edition marked the culmination of a high-stakes season, and delivering such a multifaceted event reinforced the importance of stakeholder alignment and agile planning. Whether coordinating race-day operations or managing back-to-back headline concerts, the key learning was the need for real-time responsiveness grounded in a robust project framework. These insights will help us elevate future editions even further. How has technology — especially AI and data analytics — changed how you plan and execute events? Adaptability is key to success in this field. Data analytics has helped us optimise resource allocation, forecast demand, and reduce waste. For Formula 1, we often need to know attendee needs before they do — and AI is helping us do just that. Emerging tools are improving our ability to anticipate issues and personalise experiences, and I'm excited about the continued role of AI in shaping how events evolve in the coming years. You've lived in the UAE for nearly two decades. How has the local culture influenced your approach to event management? The UAE's emphasis on hospitality and inclusivity aligns beautifully with our goals in event delivery. Working in Abu Dhabi has taught me the value of adaptability and cultural sensitivity. The local tradition of blending innovation with heritage has helped shape my approach — whether it's integrating advanced technology or meeting global standards while honouring local customs. What does the future look like for Abu Dhabi as a global events destination? Abu Dhabi's transformation into a holistic world-class leisure and lifestyle destination is purely a byproduct of the leadership's ambitious vision backed by heavy investment into innovation that marries technology with sustainability. There are of course challenges with regards to climate and logistics and navigating permits, regulations and legal requirements. But at the end of the day, the steadfast vision to offer a memorable experience for all visitors backed by best-in-class practices and world-class infrastructure along with a robust investment into skilled workforce has ensured the emirate has been able to attract a diverse range of footfall. There is huge potential here for the global events industry and what makes the venue truly unique is the adherence to local culture while not compromising on offering the very best of services to guests. An international event like the Formula 1 Grand Prix draws its own unique crowd – from spectators to vendors to the real heroes on track. The emirate has proved over the years that it can host world class events where technology, innovation and creativity come together intricately to offer a truly memorable experience for all involved. And the cred
Al Etihad
7 hours ago
- Al Etihad
FNC discusses cooperation with Brazilian, Belarusian parliaments
7 June 2025 14:10 BRASÍLIA (WAM)Dr. Ali Rashid Al Nuaimi, Chairman of the Committee on Defence, Interior, and Foreign Affairs in the UAE Federal National Council (FNC), met with Senator Davi Alcolumbre, President of the Senate of the Federative Republic of Brazil, on the sidelines of the 11th BRICS Parliamentary Forum held at the National Congress in Brasí meeting was attended by Sara Falaknaz, FNC member, and Saleh Ahmed Al Suwaidi, UAE Ambassador to Alcolumbre praised the active participation of the UAE parliamentary delegation in the forum, and stressed the importance of strengthening parliamentary ties, which serve as a vital channel for broadening avenues of expressed appreciation for the UAE's role in promoting transparency and advancing economic development at both regional and international Al Nuaimi affirmed the depth of bilateral relations between the UAE and Brazil, noting the UAE considers Brazil a strategic partner across various sectors. He emphasised the importance of enhancing bilateral cooperation in development projects that benefit both countries and their two sides explored ways to deepen bilateral cooperation, highlighting promising opportunities in key sectors such as advanced technology, energy and economic investment, all contributing to broader and more sustainable strategic the meeting, Dr. Al Nuaimi delivered an official letter from Saqr Ghobash, Speaker of the Federal National Council, addressed to the President of the Brazilian Senate, extending a formal invitation to visit the a separate meeting, Dr. Al Nuaimi also held talks with Sergei Rachkov, Chairman of the Standing Commission for Foreign Affairs and National Security of the Council of the Republic of the National Assembly of the Republic of parties affirmed the strength of UAE-Belarus relations and stressed the importance of enhancing parliamentary cooperation, maintaining ongoing dialogue and coordination on matters of mutual interest to strengthen shared strategic objectives and mutual the meeting, attended by FNC member Sara Falkanaz, Dr. Al Nuaimi highlighted the rapid growth of UAE-Belarus relations, noting the significant opportunities for further collaboration across sectors, and stressing that current global challenges require the establishment of effective partnerships and the adoption of flexible and innovative models for international cooperation.
