Construction of new US$ 25-30 bn smart city in UAE proposed

Posted on 10th July 2014

A proposal to build a new smart city in the UAE will see Italian company, Stile Italiano Real Estate Industry (Sirei), collaborate with local partners to construct the project, which has been valued as a US$ 25 billion (Dh 91.95 billion) to US$ 30 billion investment. The project is still in its early phases as only the design phase has been completed. The company is yet to find a local partner to start construction work.

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“We are proposing the project in the UAE because our priority is to make it either in Abu Dhabi or Dubai. We have had some discussions with potential partners, but we have not come to a decision yet,” said Massimo Mazzi, president of Sirei, without disclosing names of potential partners.

He said the criteria to consider a location will be based on which place can better provide sustainable technology and energy, along with economic capability. Mazzi added that in one or two months, the company will start a road show to meet potential partners and discuss the feasibility of the project. He hoped a good part of the project will be completed before the Expo 2020.

Titled ‘Renaissance City’, the city will be built over 300 hectares, and will have residences, offices, a school, shopping mall, medical centre, library, and the UAE’s first opera house, among other amenities.

At a press conference held on Wednesday to discuss the project, representatives from Sirei said they have been in talks with Masdar City in order to potentially collaborate to make the city energy-efficient. “We have met [officials from Masdar City] because of their existing example of a city based on sustainability, education, and excellence. We’re interested in that, and we wanted to see with them how [the city] developed,” Mazzi said.

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