Ajman and AFZA sign Dh54m finance deal

Ajman Bank has signed a Dh54 million deal with the Ajman Free Zone Authority (AFZA) that will make further expansion of Al Jarf industrial hub possible.

The deal provides a form of Islamic finance known as Ijarah that will be used to complete the third phase of a warehouse project.

"This latest deal signed with AFZA is another exciting new partnership that will bring about greater development to the emirate," said Ali Essa Alshaqoosh Al Mueen, acting CEO, Ajman Bank.

Sheikh Mohammad bin Abdullah Al Nuaimi, Director-General, Ajman Port and Customs and Free Zone Authority, added: "The Ijarah finance provided to us by Ajman Bank will enable the completion of warehouses at Al Jarf industrial hub located in the free zone in the emirate. We are confident that once the latest phase of our development is complete, more enterprises will find this an ideal location from which to operate."

The agreement is the second to be signed by the bank and AFZA in recent months.

The first, in May, outlined details of co-operation over the exchange of services and investment opportunities between the two entities.

 

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