A $30bn Italian smart city is the latest development project proposed for the UAE.
Unveiled at a press conference in Abu Dhabi, the developers behind the project claim they are more than hopeful it will come to fruition as a significant amount of equity is already in place to finance the plans.
According to the promoters of the Sirei project, Renaissance City will be a masterplan for smart city project for 30,000 residents and will blend the cultures of the UAE and Italy together, making it different from any city project in the UAE.
Included in the design of the project is 300,000m2 of retail space, 160,000m2, a total of 13,000 residential units and 260,000m2 of office space.
Sirei, which is a group of Italian real estate companies led by company founders Massimo and Gianluca Mazzi and architect Paolo Caputo, presented the masterplan with a hope to develop the project somewhere in the UAE.
Sirei is believed to be in discussions with the US investor Pramerica over funding.
Massimo Mazzi, president of the company, said: “We like to export the Italian way of life. All the city will be focused on Italian excellences – we are speaking about art, culture, food, fashion – everything inside the city.”