Abu Dhabi-based Q Holding and ORA Real Estate Development Group, owned by Egyptian tycoon Naguib Sawiris, have announced a partnership agreement to develop a mixed-use master-planned smart and sustainable city in the Ghantoot region of Abu Dhabi, UAE, that will span over 20 million square meters and provide the community with residential, hotel, cultural, commercial, sporting and recreational services, all with a focus on renewable energy and sustainability.
Ghantoot region is located on the Dubai-Abu Dhabi border that could cater to families connected to both Abu Dhabi and Dubai cities. A large number of new projects are coming up in Dubai South and Abu Dhabi’s Taweelah region where Khalifa Industrial Zone Abu Dhabi (KEZAD) is located and will require thousands of workforce for the industrial development.
Once developed, the new project will cater to the families of these professionals and officials.
“This project is an important addition to Q Holding’s real estate investment portfolio, furthering its ambitious plans to expand in the country’s real estate market,” according to a joint statement issued by both the partners.
Abdulla Mohamed Butti Al Hamed, Chairman of Q Holding, emphasized the partnership’s significance in supporting Abu Dhabi’s local economy, encouraging real estate investment, and attracting investors to create a unique investment opportunity.
Majed Odeh, Group Chief Executive Officer at Q Holding, said, the project represents an important addition to the company’s portfolio of investments in the sector, solidifying Q Holding’s position as a major player in Abu Dhabi’s real estate industry.
ORA Real Estate Development Group, renowned for its global expertise in developing integrated urban communities, will leverage its diverse experience to ensure the successful development of the Ghantoot region.
Naguib Sawiris, Founder and Chief Executive Officer of ORA, expressed his confidence in the company’s ability to develop the region based on its diverse expertise across various real estate development branches, including residential, hotel, cultural, and recreational, with a sales value of over US$12 billion in its diverse real estate portfolio worldwide, spanning Egypt, Greece, Cyprus, the Caribbean, and Pakistan.
The vision for the development of the Ghantoot region is to establish a world-class city that provides a sustainable community fabric based on renewable energy and smart cities’ technological development, all within a green and sustainable environment. With this partnership, Q Holding and ORA Real Estate Development Group aim to create a groundbreaking model for future sustainable integrated city developments, setting new standards in the industry.
