Solidere’s new strategy Extends to Ajman

The first deal under Solidere’s new strategy of regional activities in managing urban development projects is with the emirate of Ajman in the United Arab Emirates. Estimated at $13.6 billion, the project is a lot larger than one might have expected for Solidere’s maiden international venture, especially in terms of the 50% share of investment volume that the Lebanese company will reportedly assume. It is also—at least for the time being—a lot more enigmatic than one would expect from a project that wants to ring in a new and larger corporate identity. The outline of the Ajman development program sounds like it is tailor made for Solidere. The rulers of the 259 km2 emirate—with a population of 250,000, it is the smallest among the UAE’s seven—are in search of a spanking new identity, which they want to achieve by building a new downtown. Sound familiar? Called Al Zorah (but different