Italian company Stile Italiano Real Estate Industry (Sirei) proposed to build a smart city in UAE. Company is finding a local partner to invest $25 billion to build a new city. The project is either to be started in Abu Dhabi or Dubai, but the decision is yet to be made on the location.
Italian company is looking for a local partner for collaboration of this new project. Project is in early phase and only the design is completed. According to Gulf News, it will be decided later to where the new project will be started. They are looking for a better place that can provide sustainable technology and energy along with economic capability to be successful.
According to Massimo Mazzi, president of Sirei, “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,”
According to Sirei president, they are expected to complete good part of the project by Expo 2020. The city will be built on 300 hectares comprising Offices, Residences, Schools, Colleges, Medical Centre, Library and the first Opera in UAE.
They are working with different companies to make the city energy efficient. They met officials of Masdar City to build a sustainable city in UAE. Masdar City has done a great job by building a sustainable city and Sirei wants to utilize their experience to build a smart city.
It will be one of the biggest projects as we heard about announcement of Mall of the World announcement earlier. There are many projects to be started before Expo 2020 and a lot companies are investing in UAE. It is a good sign for real estate market in Dubai.
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