May 1 (Bloomberg) -- Solidere International and the emirate of Ajman have formed a company to develop 12 square kilometers of the United Arab Emirates coastline for an expected investment of 220 billion dirhams ($60 billion).

Al-Zorah will contain offices, schools, shops and hotels, the government of Ajman said in an e-mailed statement today.

To contact the reporter on this story: Matthew Brown in Dubai at mbrown42@bloomberg.net

Last Updated: May 1, 2008 06:29 EDT