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Real Estate Investment in Dubai
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Al Salam City, referred to in Arabic as Madinat Al Salam, is an integrated residential and commercial project being built in the city of Umm Al Quwain. The AED 30 billion (US$ 8.3 billion) freehold development will be located along the Emirates Road and will cover an area of 220 million square feet (20.5 million square meters).
Al Salam City will consist of a number of residential districts, high-rise towers, parks, playgrounds, and entertainment centers. The downtown area of the project will contain a huge shopping mall, a 50-storey hotel tower, 20 residential and commercial towers each with 20 to 25 floors, 1,000 residential villas/townhouses, and 200 residential buildings of 5 to 10 floors. AlSalam City is being built to accommodate half a million residents and every apartment and villa cluster will have its own access to a private park, swimming pools, children's play areas and nurseries.
Al Salam City is being built in 3 phases, over a period of 15 years. The first phase of the project will include the development of the infrastructure of the whole city and its residential districts. The first district will contain 1,000 residential villas and the second will comprise of 200 buildings of 5 to 10 floors. The first phase will cover an area of 15 million square feet (1.4 million square meters), and comprise of 15,000 residential units that are expected to be completed before 2009. All residential units in Al-Salam City will be sold on a 99-year lease basis, which will entitle owners with residence visas.