Ajman's ambition of playing a key and significant role in the region's lucrative real estate market and its appeal to local and foreign investors, via the development of its various economic sectors including industrial, commercial and tourism, is expected to get a further boost.
With a total amount of investments already reaching US 7 billion from projects launched after 2004 and 2005, Ajman is now planning to develop four new major property projects that is anticipated to drastically alter the emirate's landscape, making it more beautiful and distinguished than before.
The total investments of just two out of the the four planned projects have been estimated at a cost of US 15 billion. 'Ajman Marina' has an investment of US 2 billion, while 'Al Azoura' comes with a price tag of US 13 billion. The project is being developed in a 50% dual partnership between the Ajman government and Solidere, a Lebanese company. For this new development, Ajman has put aside up to US 600 million which will be dedicated to project's infrastructure, for the coming two years.
His Highness Sheikh Ammar bin Humaid Bin Rashid Al-Nuaimi, Crown Prince of Ajman, expressed his delight for the selling of the first phase of the Ajman 1, which was launched at the gate of the emirate only two months ago. "The position of the emirate will be consolidated through the efforts of the authorities and a number of international experts who are contributing to developing the emirate and creating a healthy investment environment that can benefit everyone", said Sheikh Ammar.
"Today Ajman is playing a leading role in the field of property investments with the facilities we have on offer that come with the projects we are developing. We are now providing unique and outstanding investment opportunities that were not even conceivable before", said Sheikh Rashid Bin Humaid Al Nuaimi, Municipality Chairman and Executive President for "Aqar" company.
"The Government of Ajman is making plans for the next 10 years, which include investment projects that will contribute to raising the economy and tourism levels inside the emirate. In order to facilitate this success we have to create amenities that investors need, including transportation and roads as well as a metro that will link Ajman to Dubai. We are already renovating our roads in anticipation for the developments that are to come", he added.
Sheikh Rashid also confirmed that Ajman Municipality recently signed a memorandum of understanding with a major company who will assist in the development of the emirate. He stated that over the next six months the work will include the development of a sewage system that will cover half of the emirate and the completion of a sewage station after a year.
2006 witnessed the launch of "Emirates City" by "R Holding" with an investment that reached US 4 billion, as well as the launching of "Aqar" company that will develop property and tourism facilities in the emirate.
In conjunction with the launch of "Aqar", was the launch of "Ajman 1", which is anticipated to be a significant turning point in the emirate's global strategy for establishing tourism. Aqar will manage Ajman 1.
-Ends-
© Press Release 2007
