Ajman emulates Dubai, Abu Dhabi to develop infrastructure

The emirate of Ajman in the United Arab Emirates (UAE) is fast following in the footsteps of Dubai and Abu Dhabi in building world class infrastructure to attract real estate developers.

Investments in the infrastructure sector in the emirate now total 1.4 billion dirhams ($380.4 million), according to a statement issued by real estate developer Great Properties.

"A solid infrastructure is being implemented in Ajman with a total investment of about 1.4 billion dirhams in a bid to attract world-class real estate developers," Great Properties vice-president Mohammed Al Zarah said in the statement.

"This figure includes 500 million dirhams ($136.1 million) allocated by the emirate for infrastructure, as well as 800 million dirhams ($217.8 million) that was allocated for the recently launched sewerage system, which is one of the most important infrastructure projects in the emirate," he said.

Ajman is the smallest of the seven emirates that make up the UAE.

Located along the Gulf, it has a population of over 360,000, which also includes a sizeable number of expatriate Indians.

After Dubai, Ajman was the second emirate to offer freehold property and is now the only one to offer 100 percent ownership of real estate to people of any nationality.

This is attracting a large number of investors from both the UAE and abroad to the emirate.

According to Al Zarah, Ajman's real estate market holds great potential.

"The emirate's real estate development market is ranked third largest in the country after Dubai, which has the lion's share, and Abu Dhabi," he said.

Citing a recent report, Al Zarah said there are six real estate mega projects - valued at 40.8 billion dirhams ($11.1 billion) - under construction in Ajman, which accounts for over 10 percent of the current projects being developed across the UAE.

Projects in Dubai and Abu Dhabi accounted for 50 percent and 30 percent respectively of the country's total construction activities, he said.

Ajman Real Estate News source: http://mangalorean.com, dated 30 July 2008

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Ajman Real Estate, Escape real estate development to open by 2010 end in Ajman

Escape equestrian community site in Ajman, initiates earth moving work, marking the real estate development's official ground breaking. The contract was given to Kazarooni Contracting Company of Ajman and after the earthwork villa construction will start on the 8.2 square million feet area in the UAE emirate.

"The technical and engineering timelines for Escape are on track and on schedule. Villa construction will start after summer, and the project consulting team is fully dedicated to this project," said Anwer Sher, General Manager Escape LLC.

The 200-acre exclusive development offers a variety of residential properties, over 500 villas and 150 Saddle Homes, including affordable two-bedroom duplexes and low-rise apartments. Escape real estate project is scheduled to open at the end of 2010 in Ajman.

Latest Ajman News on Gowealthy dated 29 July 2008

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$18m Awali City deal is awarded

Awali Real Estate Investments has awarded Adnan Saffarini Engineering Consultants the 65 million UAE dirhams ($17.6m) contract for the architectural design, supervision and engineering consultancy services for 15 residential and commercial towers in the Ajman-based Awali City.

The agreement was signed by Awali Real Estate Investments chairman Hussein Hassan Al Nemer and Adnan Saffarini Engineering Consultants chief executive officer Engineer Ahmad Saffarini.

"We are introducing new architectural icons to the Awali City map and adding to the company's portfolio a host of state-of-the-art towers that reflect Awali's position as a leader in the field and the luxurious projects we offer a superior residential and commercial investment opportunities," Mr Al Nemer said.

"We have chosen Adnan Saffarini Engineering Consultants because we have supreme confidence in their strong track record and the impressive performance demonstrated by them in the field of architectural design across the country," he added.

"The towers will boast luxurious, modern and stylish designs and state-of-the-art technologies to cater to the various needs of clients, residents and investors. These towers will be the first step for excellence and innovation of architectural designs in Awali City," Engineer Saffarini said.

The 15 towers consist of two height levels. There are 11 towers of 32 storeys each, which form the Northern and Southern Gates of the city, and four 25-storey towers forming the City's entrance from Emirates Road.

Source: Gulf News, dated 27th July, 2008

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Germany's ICT to launch fund for Ajman project

International Capital Trust (ICT), a German investment fund, will soon launch Ajman ICT Fund II to raise €10 million (Dh55m) to develop six residential towers in Ajman, a top company executive said yesterday.

"We recently got approval from the German Finance Ministry to launch another fund to raise €10m. We will use it to develop six towers in Ajman, worth Dh1.2 billion sales value, over a four year period," Dirk Sassen, shareholder and founder of ICT, told Emirates Business.

The company's first fund raised €5m, which was used to develop three residential towers in the Park View residential complex of Ajman. The towers, which have sales value of Dh600m, are being developed by High Sky Properties and will have a total built-up area of 65,400 square metres with 1,140 studio, one- and two-bedroom apartments.

Aliya Contracting Company has been appointed as the main contractor's for the project. "We have completed leveling of the plots and started site mobilisation. We will start construction in the first week of August."

According to Sassen, property prices have started to appreciate in Ajman following the government's announcement of setting up a new power plant and making escrow accounts mandatory for developers.

Last week, the government had signed an agreement with Malaysian Mining Corporation to build a 1,000MW power plant at a cost of $2 billion.

"Earlier, we were selling units at Dh550 per square foot, but following the announcements, we believe that prices will jump by almost Dh100."

There is huge demand for affordable housing in Ajman as rents have been rising over the years in the UAE. Middle-income people are looking at alternatives of buying house in the UAE and Ajman offers them a good opportunity, he said.

ICT has sold 50 per cent of its first three projects mostly to international investors from France, Germany, India, Pakistan and the UAE.

When asked about returns on investment, Sassen said that returns have been in the range of 20 per cent per year, which are high compared to returns of five to 10 per cent in Germany.

ICT is planning to launch another fund to finance a quarry crusher plant. "We haven't decided where to set up the plant, but it could come in Ras Al Khaimah or Oman," he said.

Source: http://www.business24-7.ae, dated 23rd July

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Awali Real Estate Investment unveils properties worth Dh1.2bn in Ajman

Awali Real Estate Investment announced the launch of four towers valued at Dh1.2 billion located within the Dh20 billion Awali City in Ajman, UAE.

Mohammad Al Nemer, chief marketing officer of Awali Real Estate, said: "The demand for real estate has grown significantly over the last few years, prompting developers to launch a number of mega projects in the emirate, in a bid to fill the gap between supply and demand."

The 25-storey Mashrabia Residence will be residential properties, comprising 800 apartments in the emirate of the UAE. The two Chevron commercial realties will be 25 storeys each and will offer a total of 15,000 square feet of office space on each floor in Ajman

Source: Gowealthy, 17th July 2008

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Ajman real estate sector witnesses major boom

The real estate sector of the Northern Emirates industry is witnessing a major boom with property projects worth more than Dh300 billion scheduled for completion by 2011. There is a rise in major hotel projects in Northern Emirates is due to a drastic increase in the number of tourists visiting Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah and is expected to reach more than 5 million a year.

Ajman has announced major tourism infrastructure projects earlier in the year totaling Dh5.55 billion including Ajman Museum and Heritage village. Due to rise in real estate developments in the emirate, Ajman government has allocated Dh1.38 billion to develop infrastructure. A major development in the emirate is the Dh3 billion Ajman Marina spread over 14 million sq ft.

Al Zorah is another major master development in Ajman. Real estate project worth Dh50 billion, it will cover an area of 10 million sq m on the Ajman coast. The development will also be connected to Dubai via Emirates Road, a separate access to which is being built.

Source: GoWealthy

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Self-contained beachfront city in Ajman

Ajman recently held a VIP groundbreaking ceremony for a 220 billion dhirams real estate initiative aimed at developing the emirate's coastline into a sustainable residential, business and leisure community.

Named Al Zorah, the new city will be developed by the Al Zorah Development Company, a joint venture between the government of Ajman and Solidere International Limited, a leader in urban planning and the development of large scale projects in the Middle East and Mediterranean region.

Located along Ajman's pristine beachfront and creek, Al Zorah will be a self-contained, master-planned city containing varied residences, offices, retail, schools, hospitals and leisure facilities including marinas and a number of 5-star resort hotels.

It will be 12 square kilometres in area, with a built up area of 22 million sq m and will have a total of 16 kilometres of sandy white beaches and waterside walks.

In line with the vision of Shaikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council Member and Ruler of Ajman, the project aims to transform the emirate into a world class residential, tourism and investment destination.

"Al Zorah is a milestone for Ajman, reflecting the combination of tradition and innovation that distinguishes the emirate," said Shaikh Rashid bin Humaid Al Nuaimi, chairman of the Al Zorah Development Company.

"Already a sought-after destination for high-value investors, who are drawn by its business-friendly regulations and relatively open marketplace, Ajman is entering a new chapter in its development. Al Zorah is a truly spectacular project that will become an international destination."

Latest Ajman Real Estate news on Gulf weekly

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Awali Real Estate Investments opens its offices in Ajman

Awali Real Estate Investment, the region's reputed investment firm, has announced the opening of a new branch office in Ajman that will offer convenient services to its customers in Ajman Real Estate and the neighbouring emirates and follow up on its projects’ progress, ensuring that quality specifications and timeframes are adhered to.

Awali Real Estate Investment’s portfolio in Ajman Real Estate includes the mega “Awali City” project on the Emirates Road, launched in cooperation with Ajman Government’s property investment establishment at the beginning of this year. The project is a self contained, state-of-the-art, city-size development spread over an area of 33 million ft² and includes 36 plots of land, designated for residential and commercial use. Awali City will offers 20 to 50-storey towers that will accommodate over 120 000 people.

Commenting on the opening of the firm’s new office, Mr. Ali Hussein Al Nemer, Managing Director of Awali Real Estate Investment, said, “The opening of our new office in Ajman comes at a time of significant growth in Ajman real estate market, which has made the emirate an attractive destination for property development and investment, thanks to the co-operation of the private and public sectors, as well as the government’s initiatives to develop investor-friendly infrastructures and legal systems. These efforts are now bearing fruit, as evidenced by the recent launch of billions of dollars’ worth of projects in the residential, commercial, tourist and leisure sectors.

“It is very important to be in direct contact with our customers in Ajman and the neighbouring emirates, so that we can provide them with the best possible service, maintaining and improving our existing relations with them,” he added.

Al Awali Real Estate Investment is a UAE firm based in Dubai, founded by the Saudi-based Awali Real Estate Investment (Al Nemer Group) as part of the mother company’s regional expansion plan, with the aim of capturing a portion of the region’s booming real estate market, particularly in the GCC. Al Nemer Group, an Awali subsidiary, has over 40 years’ experience in the KSA real estate market and has co-founded a number of real estate companies, such as Jenan Real Estate and Mawten Real Estate, with capitals of SR500 and SR1.2 billion respectively.

Recent years have seen aggressive expansion from Al Awali across the region, as the experienced company has entered GCC markets, establishing several real estate and investment companies.

Al Awali has also co-founded a number of companies in the financial and aviation sectors in Bahrain and Kuwait, in addition to Arbah Financial, Watan Financial Investment, Awali Supporting Financial Services, Affaq Aviation, United Holding Company and Dubai-based Essus Real Estate, a joint venture with Dubai Islamic Bank and other strategic partners, as well as forging a number of strategic partnerships.

About Ajman Real Estate on Arabian Business

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Why Invest in Ajman Real Estate?

Ajman Real Estate is set to be the next big thing in the Middle East. Located along the Persian Gulf Ajman is the smallest member state of the United Arab Emirates, with an area of just 260 square kilometres.

Ajman is currently the only Emirate in the UAE offering investors of any nationality fully transparent true 100% freehold ownership on Ajman real estate, which in turn has attracted a huge number of local as well as international investors to Ajman. This in turn has prompted the Ajman Government to initiate a number of development projects, which will make Ajman Real Estate as one of the most desirable property and one of the newest and most desirable cities in which to live and work.

With Real Estate prices approximately a third of the price of neighbouring Dubai, Ajman Real Estate is an enticing location for investors and those working in the Emirates. A short distance from the Dubai International Airport and the Sharjah International Airport makes Ajman easily accessible from the surrounding major business centres.

Ajman government has announced plans to build Ajman International Airport, hosting about two million passengers per year, construction will start in the second half of 2008 in the Al Manama area Ajman, with airport operations are set to start by 2011.

Ajman is the fastest growing Emirate in the UAE and some say one of the best places to invest at the moment, with low capital outlay and fantastic potential returns making this city “an investors dream.”

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