Aqaar appoints Deloitte & Touche as auditors

The regional headquarters of Deloitte & Touche (ME) is based in the neighbouring emirate of Sharjah. It will be responsible for conducting the audit of Aqaar's first year of trading.

"Our first year has been nothing short of spectacular," said Rami Dabbas, CEO of Aqaar. "We are way ahead of our projections on where we would be after only 12 months, with nine out of the 12 towers of our first project - Ajman 1 - already completely sold out."

Aqaar recently signed an agreement with the Abu Dhabi Commercial Bank for a major package that will help finance the construction of Ajman 1 - an 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 One 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. Phase 1 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.

Aqaar was formed in December 2006 in association with the Ajman Development and Investment Authority. Its main role is to develop property-related investment opportunities and offer full support for both regional and international investors.

"Our vision is to enriching the lives of all our stakeholders by leveraging our unmatched real estate expertise, providing a smart alternative to the market by delivering lifestyle solutions at excellent value," added Dabbas.