Aqaar sells out nine residential towers of Ajman 1, signs financing agreement with ADCB

His Highness Sheikh Rashid bin Humaid Al Nuaimi, Head of Ajman's Municipality, said the timing had come as a welcome surprise to all in the company. "Our projections were to sell 50% of the project within the first year; and here we are approaching our first birthday with nine of the 12 towers already having been sold."

"None of this would have been possible without the active support of His Highness Sheikh Ammar Bin Humaid Bin Rashid Al Nuaimi, Crown Prince of Ajman," H.H. said, "and we are truly grateful for all he has done to ensure this project got off to such a flying start."

The news comes as Aqaar announced it has also signed an agreement with the Abu Dhabi Commercial Bank (ADCB) for a major package that will help finance the construction of Ajman 1 - a Dhs2.7bn mixed-use development in the emirate. Under the deal, the Abu Dhabi Commercial Bank will provide a fixed term loan of Dhs600m for the construction of the project.

Ajman 1 is being built on a 72,000 square metre plot on the coast of the UAE emirate, and will feature a residential, commercial and hospitality complex consisting of 16 towers, a hotel, a convention centre, and leisure and retail amenities. It is expected to be completed by early 2010. Investors buying into these towers will have residence visas automatically issued upon delivery of the property units.

Under phase two of the project, which is due to start shortly, there will be a world-class standard hotel with serviced apartments and a convention centre, together with three other freehold commercial towers, making 16 towers in all.

Aqaar celebrates its first birthday in December and already the signs are excellent that its first year of operations has not only been a tremendous success, but is way ahead of predications made at the birth of the company.