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.