 Ajman is one of the seven emirates that make up the UAE (United Arab Emirates). It’s total area only comprises of 260 square kilometres but the ruler of the emirate, Sheikh Humaid bin Rashid Al Nuaimi has big plans for this small emirate.
Sheikh Ammar who is the crown prince of Ajman and the son of the ruler said in an interview with The National
“We want Ajman to become the getaway from the hectic working cities of Abu Dhabi and Dubai where someone would spend three days working – and three days relaxing in Ajman”.
The Al Zorah Project
Earlier this month the emirate announced plans to build a brand new city along it’s coast by the name of Al Zorah to a total estimated cost of Dh220 billion (US$59.9 bn) investment
This development is set to bring a lot of new jobs and while the focus of the development is on quality, Sheikh Ammar also mentioned the emirate’s priorities regarding the environment. The coastline is 16 km long and contains fragile mangrove swamps and wildlife.
A total of 12 million square meters of coastal and reclaimed land will be part of the new development and it will extend the waterfront by 12km.
“We are transforming virgin lands into a beautiful getaway,” Sheikh Ammar explains.
Al Zorah, The joint venture project between the Dubai-based affiliate of the Lebanese company Solidere and the Ajman government will include five public marinas, a championship golf course, offices, shops, five star holiday resorts as well as villas and apartments. Horse lovers will also be able to enjoy an equestrian centre.
So far, the total investment in Ajman real estate has already exceeded Dh400bn. This relates to half of Al Zorah’s residential property already been sold.
The heaviest investors are nationals from the other emirates. New infrastructure is also a major focus of the Ajman government to satisfy the needs of the ever growing tourism sector.
Last year alone the government assigned Dh500 million to improve transport links. A new international airport is scheduled to open in 2011, which will lessen the stress on the fully booked flights into the emirate.
While this all sounds great, the emirate already faces a serious problem that needs immediate attention. To combat a growing energy crisis in the northern emirates, the Federal National Council gave the green light for private companies to provide power generators and produce desalinated water under the supervision of FEWA, in line with national environmental standards.
How to invest in Al Zorah
With a huge rush to acquire property in Ajman at the moment, there is apparently some leadway for would-be investors. Plus Properties, a leading property development company in the UAE recently acquired $80m worth prime sea facing land in Al Zorah for residential and commercial property development.
Source: http://www.overseaspropertymall.com/ |
