Dubai – Mubasher: Solidere International revealed that it is working on completing Al-Zorah development in the emirate of Ajman with total investments of $60 billion.

In cooperation with the government of Ajman, the project, which has been delayed for 15 years, is expected to be completed by 2023, the Lebanese developer said.

The project also has downsized the number of residents it aims to accommodate to 50,000 instead of 200,000, Solidere International COO Oussama Kabbani said.

He added that the delay and reduction in unites come due to falling property prices throughout the UAE, which led the real estate firm to offer relaxed payment plans for the project located along the coastline of one of the UAE’s smallest emirates.

Currently, the company is exploring joint ventures with other developers and investors to fund its future projects.

Moreover, Solidere is in talks with the UAE’s Gems Education to build a school in Al-Zorah, which covers an area of 4.5 million square metres.