This was announced at a Press conference held yesterday at Umm Al Quwain.  An agreement was signed for the joint venture by Shaikh Abdullah bin Rashid Al Mualla, Deputy Ruler of Umm Al Quwain and Mohammed Ali Alabbar, Chairman of Emaar, on behalf of the government of Umm Al Quwain and Emaar Properties respectively.

Shaikh Abdullah said: “Umm Al Quwain has great potential to be a major player in the real estate market. It is with the support of developers like Emaar that the emirate can take advantage of its natural attributes and create world class destinations like Umm Al Quwain Marina.’’

The Marina, which will transform the emirate and property market, is planned to cover more than 1,488 acres and is scheduled for completion within seven years, by the end of 2012.

Regarding the reason for choosing Umm Al Quwain, Alabbar told the Press: “Umm Al Quwain is blessed with natural beauty and offers immense opportunities to investors. The emirate is well connected by highways from Dubai and Sharjah.  Emmar is poised to augment this, courtesy of the vision and commitment of the rulers of the emirate."

The project, located on the shore of Khor Al-Beidah, a vast wildlife area will offer a master planned waterfront community with more than 9,000 homes, retail and recreational facilities, resorts and hotel rooms, schools, community centres and green areas.

Alabbar told Khaleej Times: “The marina will have 6,500 residential apartments and 2,600 apartment villas and marinas for more than 1,000 private boats and yachts. The project will be financed by EME and pre-sale revenues from investors."

He also added: “As environment is a critical issue, it will be the top priority for this development and the property law will be same as it is in Dubai. The master plan for the multi-billion dollar project has been finalised and tendering, land reclamation and project management work are expected to begin very shortly."

The project can expect a huge boost and target the local and international markets after the completion of the Emirates ring road and an interchange leading to Umm Al Quwain.

Alabbar said: "Our aim is to create a community of special neighbourhoods bordering an open stretch of water with views of the marina against a backdrop of the Arabian Gulf. "The shoreline has been shaped to maximise the opportunity for waterfront development and recreation," he added.

The Marina Project will be overlooking Al Yufra Creek, on an estimated area of around 52 million square foot and will also be at the extension of Etihad International Highway.