Dubai, April 2, 2008 (WAM) -- Emirates Post Group and Ajman Sports and Cultural Club Wednesday announced a partnership to develop malls and commercial buildings on three sites in Ajman on land owned by the Club.
According to the agreement, Emirates Post Group will build malls and commercial buildings in three locations in Ajman, with the Ajman Sports & Cultural Club receiving a fixed percentage of the revenues annually for a 20-year period. At the end of this period, there is an option to either extend the contract or hand over the properties to the Club. In addition, Emirates Post Group will offer space to Ajman Sports and Cultural Club to open supermarkets which will be run by the proposed Ajman Cooperative Society. The rest of the space will be used by Emirates Post Group to offer postal and non postal services, for activities of subsidiaries companies and for renting to outside companies. Announcing the partnership at a press conference in Ajman, Mr. Abdulla Al Daboos, President of Emirates Post Group, said, ?Under the agreement, Emirates Post Group will develop and manage these investment projects in three areas of Ajman: Al Rashidiya, Mushairif and the Industrial Area. A fixed space will be allotted to the proposed Ajman Coop chain of supermarkets which will be ready in two years.??The emirate of Ajman has transformed itself into a booming investment destination and real estate projects are yielding excellent returns. Ajman has developed good infrastructure and an investment climate that is attracting investors from all over the world, under the leadership of HH Sheikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman. This partnership will tap the potential for real estate projects in Ajman,? Mr. Al Daboos added. Mr. Khalifa Saeed Al Jarrah, Chairman, Ajman Sports & Cultural Club, said: ?Our partnership will Emirates Post Group will exploit the tremendous opportunities offered by the emirate of Ajman in the field of real estate. Ajman is a modern emirate boasting excellent location, low land cost and attractive investment climate. Through the strategic development of our land, Emirates Post Group will help us join the success story.?Mr. Abdullah Al Fan, CEO of Strategy & Planning Affairs, EPG, commented, ?The Emirates Post Group is guided by the strategic goal of increasing revenues through innovation and global best practices, as a way of contributing to the national economy. The strategy will come to fruition with the next few years. Our partnership with Ajman Sports and Cultural Club is just one example of our ambitious business model.?Copyright Emirates News Agency (WAM) 2008.
