DAMAC and Al Zorah sign AED 3bn waterfront deal in Ajman
Phase one is due to launch in the first quarter of 2027 with 421 homes across two towers on a 1.4 million square foot site along the Al Zorah creek.
DAMAC Properties and Al Zorah Development Company have signed a land acquisition agreement for a mixed-use waterfront project in Ajman valued at AED 3 billion, or $816.9 million. The deal was announced on Tuesday, 10 November.
The development will run along the creek at Al Zorah and is planned for about 1.4 million square feet of built-up area. The first phase, scheduled to launch in the first quarter of 2027, covers roughly 333,218 square feet and 421 homes across two residential towers. The mix runs from studios and one- and two-bedroom apartments to two- and three-bedroom loft residences.
The land purchase price was not disclosed. Neither were the completion schedule, unit pricing or the financing arrangements behind the project.
The design draws on Japanese architectural principles, with landscaped spaces, water features and terraces facing the creek and the mangroves. Proposed amenities include swimming pools, fitness facilities, children's spaces, walking trails, an open-air cinema and a waterfront promenade. The developer is also exploring partnerships with hospitality and wellness brands, and plans dining that includes omakase experiences, private dining and a waterfront terrace.
Amira Sajwani, managing director of DAMAC Properties, signed the agreement with George Saad, chief executive of Al Zorah Development Company, in the presence of Sheikh Rashid bin Humaid Al Nuaimi, chairman of Al Zorah.
Sajwani described the investment as part of DAMAC's expansion across the UAE and as a reflection of confidence in Ajman's long-term development plans. Saad said the agreement supports Al Zorah's continued growth, and that DAMAC has interest in further investment in the community.
Al Zorah Development Company is a joint venture between the Government of Ajman and Solidere International. The community already includes a golf course and hospitality destinations, which are expected to support the planned development.
Ajman recorded 1,140 real estate transactions worth AED 1.95 billion in October 2026, figures released separately on 10 November. Property trading accounted for AED 1.22 billion across 900 transactions, and Al Zorah logged the month's highest single sale at AED 36.3 million.
DAMAC said on 1 September that it had handed over more than 50,000 homes and held more than 55,000 units in planning and development. It awarded over AED 10 billion in construction contracts in the first half of 2026 and is targeting more than 8,800 residential handovers across its portfolio this year.
