Sheikh Abdullah Bin Zayed Al Nahyan attends the launch of City of Aktau in Kazakhstan

Attending the inauguration of the foundation stone ceremony by private invitation from the President was His Excellency Sheikh Abdullah Bin Zayed Al Nahyan - Minister of Foreign Affairs in the UAE, Sheikh Sultan Bin Tahnoun Al Nahyan - Chairman of the Board of Abu Dhabi Cultural and Heritage Authority, Ministers, local State Officials, international and local business community leaders and other esteemed guests, witnessing the symbolic launching of the development of the new Aktau City.

The Project will turn this city into a year round destination in a bid to benefit from and promote the prosperous economic developments of Kazakhstan. The project offers lucrative investment opportunities in the rapidly growing economic boom of Kazakhstan, reflecting on its geographic location and proximity to major seaports and the gas and oil production areas. The project will be developed on an area exceeding 35 million square meters with a seashore line of 10 kilometers long.

Kazemir Aktau Development Ltd, an affiliate to the prominent Kazemir Group-a conglomerate of investment and development companies, is the Premier Master Developer of the Project. Kazemir Aktau officially appointed Millennium Development International a member of Saraya Holdings group of companies specialized in real estate mixed-use development and asset management, as the principal development strategist and development manager of the project.

"The role of this pilot project is to promote modern values of urban communities with an architecturally distinctive character that will thrive on links between business, culture, education and leisure, and that will attract people to live, study, work and entertain in harmony," said Oussama Kabbani, Vice Chairman and Managing Director, Millennium Development International. "We have engaged more than 20 world class International and Kazakh firms to collaborate on translating the vision to reality", Kabbani elaborated.

Kazemir Group Advisor Mr. Amangeldy Makhashov stated that "We are proud to be Kazakhstan's premier master developer of the Caspian Sea city of Aktau and to be contributing to the achievement of the vision of His Excellency President Nursultan of a prosperous and modern Kazakhstan. The project will position the city as an attractive hub for Oil and Gas corporate businesses, cross-continent shipments, hospitality, entertainment, leisure and high quality living standards".

Certifying from his end, Mr. Ziad Abu Al Ragheb, Chairman of the Board, Kazemir Aktau, "We are currently launching the first phase of the project which covers around 35% of the total land area, providing an ideal investment opportunities and climate for real estate developers". Abu Ragheb added, "The project is estimated to be completed in 2020 and targeting a population of one million people with an approximate value of US$ 40 Billion. Already, many local and international investors showed interest in our first phase of the Project, and we are in discussions regarding collaboration. Indeed, all of this would not have happened in a record time has it not been to the support of His Excellency the President and the Akim of the Mangestau Region".