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Ajman to invest Dh8.8 billion in infrastructure

DUBAI — The UAE emirate of Ajman is investing Dh8.8 billion in various infrastructure projects plus a coal-driven power plant.

"Ajman's buoyant real-estate market has great potential," said Mohammed Al Zarah, the vice-president of Dubai-based Great Properties, in a statement yesterday. The company is a consortium put up by various investors in the Gulf Co-operation Council bloc.

He added that the investment includes the Dh500 million allocated by the emirate for infrastructure such as roads, the Dh800-million sewerage system launched recently and the country's first coal power plant worth Dh7.4 billion ($2 billion).

Ajman's real-estate market is ranked third in the UAE after Dubai and Abu Dhabi, with respective market share of 10 per cent, 50 per cent and 30 per cent. The six mega-projects under construction in Ajman have a total value of Dh40.8 billion, or 10 per cent of the current projects being developed across the country.

Al Zarah said a new coal-driven power plant, set for completion in three years, would support the infrastructure development in Ajman needed to cope with the tremendous increase in residential projects across the emirate. His Highness Shaikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, signed on July 17 the agreement to build the power plant with the head of investment and projects at Malaysian Mining Corporation, Ernest Nevaratnam. The statement said the project "marks a pioneering step forward" in the development of the whole country.

It added that Great Properties would soon open an office in Saudi Arabia as part of its expansion. The company has been in-charge of the sales and marketing of Blossom Towers in Humaid City, Ajman. |jose@khaleejtimes.com