Solidere Int’l Developments Progress Despite Global Crisis

With overall business slowing in real estate development, Solidere International seems to be in a better position to negotiate with contractors by bringing prices down. In its latest move, Solidere International has highlighted the significant progress made at its $60 billion Al Zorah project in Ajman, United Arab Emirates, with infrastructure works underway, supported by a strong financial position. The confirmation comes just six months after the launch of the project and the announcement of sales of $2.7 billion, which represented the first wave of income from Phase One of the project and demonstrated the strong international investor interest in the new coastal city. After successful land sales of $2.7 billion earlier this year we have a strong balance sheet and a good cash position to support the development of Al Zorah. We are comfortable with our current position and pleased with progress on infrastructure development, which includes roads, and very soon, marine works, which we can definitely finance from our own funds, withour any recourse to any debt finance, said Nasser Chammaa, Chairman and Chief Executive Officer of Solidere International.