Plans have been drawn up for the construction of a major real estate project to be built off the coast of Ajman. To be called Amber islands, the proposed scheme will cover the construction of four man-made islands to be connected by an isthmus. The islands are: Tilal al-Waha (oasis hills); Al-Ashbal (lion cubs); Jazeerat al-Amal (business island); and Karn al-Raha (horn of relaxation).
The project is being developed by Cathay Consortium, which signed in July a long-term concession agreement with the Ajman government. The facilities to be built on the island will include 1,234 suites, 5,312 villas and townhouses, a golf resort, marina, shopping mall and marine theme park.
The project, estimated to cost about $5,000 million, will be financed by the Amber islands development fund. It will be managed by Cayman Islands-based Georgetown Asset Management. The London branch of Deutsche Bank is the prime broker.
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