Ajman emulates Dubai, Abu Dhabi to develop infrastructureJuly 30th, 2008 - 4:22 pm ICT by IANS
Dubai, July 30 (IANS) 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.
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