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Said Mr. Ali Al Nemer, Awali Company Managing Director, said:
"The establishment of the real estate authority at this current time is a sound and intelligent move. It reflects a very distinct and ambitious vision to turn Ajman into a foreign investment destination, on the one hand, and to strengthen Ajman's status in the UAE property market, on the other. Ajman does, after all, host the third biggest property market in the UAE, it has the largest foreign investment compared to the remaining emirates, and it boasts 33% of foreign investments matched up to11% for other emirates."
"In a time where companies worldwide are busy seeking outlets for their financial dilemmas, Ajman is actively developing means to regulate property market movement, preparing the market for the post-crisis period. Ajman has worked for years on developing its regulations and improving its infrastructure, and has in the process attracted numerous real estate investments in excess of Dhs400bn in 2008 according to reports," added Al Nemer.
Awali Real Estate Investments is a Saudi company, and is currently developing the Awali City project, which was launched in Ajman in 2008, in cooperation with the Ajman Real Estate Investment Establishment. Awali City is a mega-city that extends over an area of more than 33 million square feet, and which consists of 136 land plots set for residential and commercial use. In addition, it boasts towers of between 17 and 50 storeys each, which will house more than 120,000 people. Awali Company is currently developing two sets of twin towers inside Awali City, namely Al Mashrabia Residences and Chevron Commercial Towers.
Posted by Rana Mesbah
