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A group of Italian real estate companies are proposing a $30-billion (Dh110.2 billion) smart city development that will be home to around 30,000 residents.
Stile Italiano Real Estate Industry (SIREI) said the master plan for the Renaissance City project will include a mosque, an Italian piazza with a shopping centre, a performing arts centre, a business district, an artisans' village, a botanical maze and a golf course with villas.
"The project aims to create a new balance between resources, nature, urban architecture and quality of life, defining the meaning of our Renaissance theme,” said Paolo Caputo of Caputo Partnership International, the design firm behind the project.
The mini city will cover around 3.5 sq km and will be developed either in Abu Dhabi or Dubai. SIREI said it chose the UAE for the project because of the country's knack for innovation.
"Our aim is to collaborate with Emirati companies and institutions, whether on a financial, entrepreneurial or cultural level," said Massimo Mazzi, President of SIREI. “We really don't just want to sell the concept together with the know-how of the many Italian firms belonging to the SIREI platform, but we want to be the protagonists in realising this great development of a city."
Mazzi claims SIREI has received the backing from Chinese and American investors.
Source: Nicole Walter, Special to Property Weekly