DUBAI – According to Reuters agency, Lebanese developer Solidere International Ltd and the UAE emirate of Ajman have agreed jointly to develop a 220 billion dirham ($59.91 billion) project on the emirate's coastline.

The Al Zorah development will span 12 square kilometres, Ajman said in a statement on Thursday. The project, when completed, will aim to house 200,000 residents and workers.

The initial phase will take 30 months to complete and the entire project will be completed in 15 years, a spokesman for the venture said.

Lebanon's Solidere, the country's largest company by market value, set up a Dubai affiliate last year to help it expand abroad. The developer also has a strong presence in Saudi Arabia.

Family-ruled Ajman is one of seven emirates in the UAE federation. In a bid to catch up with its neighbours, Ajman, the second-smallest member of the UAE by population, is preparing new freehold laws and regulations similar to those in Dubai.