Ajman channels USD 375 million into infrastructure works and development in 2008

Ajman channels USD 375 million into infrastructure works and development in 2008

Memon Investments aims for growth and development by exploring new markets in the UAE

April 6, 2009

The Ajman Government has invested a total of USD 375 million in building roads and intersections, bridges, as well as maintenance and renovation of public facilities in 2008, according to recent reports. A review of past statistics also showed that this figure is almost triple the amount allocated for improving the infrastructure within the emirate in 2007, which was estimated at USD 136 million. Having built strong partnerships with the most prestigious master developers in Dubai, Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, revealed that it is currently eyeing high profile city developments in Ajman as locations for its upcoming projects.

In addition to the sizeable investments into developing its public works, the Ajman Government has also unveiled plans for an international airport to be built in the emirate's Al-Manama district. This effort is expected to have a significant effect on the tourism as well as business sectors in Ajman, which will in turn drive the need for built spaces to accommodate the influx of tourists and expatriates. In addition, the government has also recently introduced the Ajman Real Estate Regulatory Establishment (ARERA) to regulate the emirate's property and construction sector. Memon Investments has identified the demand for relatively affordable but high quality residential properties among middle-income end-users, prompting it to explore plans to undertake several projects for this segment within Ajman.

“We are focusing much of our resources in identifying viable locations for future projects, and our search has taken us to Ajman, whose development in the fronts of public infrastructure as well as real estate regulation is continually shaping the emirate to be the next important real estate destination in the region,” said Muzammil Shaikhani, Director, Memon Investments. “We applaud the initiatives taken by the Ajman Government to enhance the attractiveness of the emirate, and we are looking forward to developing our next projects in Ajman.”

To date, Memon Investments has launched a total of seven projects in the UAE, including four towers under the ‘Champions Tower’ banner, and ‘Frankfurt Sports Tower I’ in Dubai Sports City, in addition to 'Gardenia I & II’ in Jumeirah Village, and 'Cambridge Business Centre' in Dubai Silicon Oasis. Amidst the reported decline in the construction cost within the UAE since the onset of the economic crisis, the developer has also committed to further strengthening its partnership with leading construction companies, in line with its aims to hit the delivery of two of its projects - the AED 75 million ‘Champions Tower I’ and the AED 80 million ‘Cambridge Business Centre’ - by the end of 2009.

“In spite of the financial crisis sweeping across the globe, Ajman remains a potential-laden market given its stable economy and robust financial structure. The strategy that we will employ in our foray into this emirate will involve partnerships with leading construction companies, as well as with financial institutions to enable us to provide investors with flexible and extended payment plans. We are currently in the process of consolidating our expansion plans to Ajman, and we are looking forward to announcing further details of our plans very soon,” concluded Shaikhani.