Abu Dhabi: A new 20 million square meter “integrated smart city” will be developed in Abu Dhabi’s Ghantoot area, with a focus on renewable energy and sustainable development.
ADX-listed Q Holding and ORA Real Estate Development Group have signed a cooperation agreement to build smart cities. The costs involved in building a smart city have not been disclosed.
Abdulla Mohamed Butti Al Hamed, chairman of Q Holding’s board of directors, said the project is an important addition to Q Holding’s real estate portfolio, furthering its ambitious plans to expand in the country’s real estate market. He said the partnership will strongly support Abu Dhabi’s local economy and encourage real estate investment in the capital.
The integrated city will provide the community with residential, hotel, cultural, commercial, sports and entertainment services, with a focus on renewable energy and sustainable development.
Q Holding Group Chief Executive Officer Majed Odeh said the company has an unwavering commitment to innovation and progress, striving to develop sustainable smart cities that meet the needs of communities today while ensuring a better tomorrow.
Meanwhile, ORA founder and CEO engineer Naguib Sawiris said the real estate development group had global sales of more than $12 billion across its diversified real estate portfolio spanning Egypt, Greece, Cyprus, the Caribbean and Pakistan.