Reem Investment's scheme, which is yet to be named, will cover 25 per cent or 1.8 million square metres of the island and be built in stages over the next 20 years. Reem chairman Abdulhamid Saeed said that the scheme will involve the construction of 20,000 low-rise individual units to house a population of up to 80,000. 'Work has already begun,' said Saeed, who is also the chief executive officer of First Gulf bank. 'An access bridge linking the island with the mainland will soon be complete, and the main road bridge [being built by Turkey's NurolGroup] will be completed next year.'

As well as housing units in various different themes, the project will contain mosques, schools, retail and commercial offices together with associated infrastructure. No decision has been taken on how it will be financed. Singapore's RSP is drawing up the masterplan.

Reem Investments was established in May as a private company with a paid-up capital of AED 1,555 million ($423.8 million). The firm's shareholders are made up of more than 30 local companies and individuals. The company will target strategic investment in the financial, industrial and real estate sectors. 'We are pursuing other regional opportunities especially industrial projects where the feedstock is readily available, such as petrochemicals, for example,' said Saeed.

The estimated $9,500 million development of Reem island, also known as Abu Shuoom, is being carried out by a number of local investors each responsible for a certain section of the island. The UK's Maunsell Consultancy Serviceshas the main consultancy contract covering design work, preparation of tender documents and construction supervision of the island's infrastructure (MEED 1:4:05).

Tamouh's prequalification, which covers the first phase of its works, calls for the construction of 13 commercial and residential towers ranging between five and 40 storeys with associated car parks. The total built-up area covers more than 625,000 square metres. The demolition, earthworks and piling will be carried out under a separate contract.

A consortium of Malaysia's PPM International, the local Al-Rayyan Investment Companyand National Real Estate Investment Company,and Abu Dhabi-based Surouh Real Estate Company are also developing sections of the island.

www.meed.com/construction