The gross domestic product of Ajman is predicted to reach Dh17 billion this year, up from Dh10bn in 2007.
And it is hoped that the economic growth will attract more investors, said Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, at the Fourth Businessmen Meeting held in the emirate.
"We are keen to remove all obstacles that businessmen may face to help push forward the economic and commercial development in the emirate," he said. "We are keen to make the emirate an industrial and commercial hub and to achieve sustainable development by diversifying the economy and facilitating procedures."
The emirate has been witnessing steady growth, with a jump in GDP of 27 per cent between 2006 and 2007. "We are satisfied with our achievements and are looking for more contribution from the private sector and businessmen to help further boost the emirate's economy. The government recognises and supports individual initiatives," added Al Nuaimi.
Obaid Ali Al Muhairi, Chairman of Ajman Chamber of Commerce and Industry, told Emirates Business the emirate expects to record its highest increase of GDP in 2009 on the back of major projects such as the Dh220bn development of Al Zawra area, the Dh12bn airport project and a Dh5.5bn project planned by Ajman Holding, which will begin this year.
These projects are in addition to the creation of electricity and water plants to meet the needs of the emirate's planned expansions. Al Muhairi said the meeting is just one example of the efforts being undertaken by Ajman's leadership to lure capital to further promote the boom.