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The newly-launched real estate asset management subsidiary will allow Ajman Bank to diversify its revenue streams by leveraging a seasoned team while maintaining an independent structure, the CEO of the Dubai-listed lender, Mustafa Al Khalfawi, told Zawya Projects.
“By diversifying our business model and entering into the real estate management sector, we will have a new stream of revenue and profit, which will complement our core banking operations and contribute to its overall financial growth,” he said.
The Dubai-listed lender’s subsidiary will initially focus on the parent entity’s real estate portfolio.
Al-Khalfawi stated that the services will be gradually expanded to external clients, leading to an increase in the number of properties under its management.
Interview excerpts
What specific goals or aims led to the establishment of Skyrise Properties?
The establishment of Skyrise Properties by Ajman Bank is a significant milestone for us, driven by several key factors. First and foremost, the venture aligns with our objective to enhance our core business offerings through diversification and innovation.
At Ajman Bank, we recognise the potential in the real estate sector and see Skyrise Properties as a means to tap into this lucrative segment by creating synergies between our banking operations and the real estate sector. Above all, we are committed to setting new standards and redefining the real estate management landscape.
What are the biggest potential challenges Skyrise Properties anticipates facing in the market, and how does its strategy address them
By focusing on quality service delivery and building a strong market reputation, Skyrise Properties aims to differentiate itself from competitors and overcome initial market entry challenges. We plan to leverage the extensive experience of our team, particularly Mohammed Al Shamsi, the newly appointed CEO of Skyrise Properties. His expertise and existing relationships in the real estate and retail sectors will be instrumental in navigating market challenges.
Additionally, the company’s independent structure is designed to foster innovation and responsiveness, allowing it to effectively cater to diverse client needs.
Where will be focus areas for the company?
By integrating services such as property management, sales, leasing, brokerage, third-party evaluations, and facility management, we aim to be a significant player in the real estate sector. This diversified approach suggests that while property management will be a primary area, the company will not limit itself and will engage in multiple facets of real estate services right from the outset.
What are your plans for growing the property and facilities management areas?
Over the next two years, Skyrise Properties plans to expand its services in property and facilities management, as well as other real estate-related services. This expansion will likely involve broadening its client base, increasing the number and type of properties managed, and possibly introducing new, innovative services in line with market demands. The emphasis on an independent structure and a dedicated team suggests a commitment to growth through specialisation, innovation, and adapting to market needs.
Will Skyrise Properties venture into other emirates?
As part of its operational strategy, Skyrise Properties will initially manage the portfolio of Ajman Bank, which is mainly in Ajman and across the UAE, including Dubai and Abu Dhabi.
Majority of the large developers in the UAE have their own property management units. So, which customer segment are you targeting in Ajman and across the UAE?
Our focus will be on offering specialised or value-added services that differentiate Skyrise Properties from larger, more established players.
What is your view on the Ajman real estate market and other emirates, particularly Dubai and Abu Dhabi?
The Ajman real estate market, along with those in Dubai and Abu Dhabi, presents diverse opportunities. Each emirate has its unique market dynamics, and Skyrise Properties, under the leadership of experienced professionals, is poised to navigate and capitalise on these. The company’s expertise and innovative approach could be particularly beneficial in the evolving and competitive landscape of these markets.
(Reporting by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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