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22 February 2024

Ajman ahead in attracting foreign direct investment

By Eman Al Baik



Ajman has outshone other emirates in attracting foreign investments into the country, with foreigners now owning 33 per cent of development projects established in the emirate compared to 11 per cent in the other emirates, according to the latest statistics released by the Ajman Chamber of Commerce & Industry.

Attributing the economic success to the policy adopted by the Ajman Government, economic analysts estimated Ajman’s annual investment growth rate at an average of 6.7 per cent.

“The rapid economic growth witnessed by Ajman comes as a natural result of incentives provided by the government to attract foreign investments,” said Azad Nouri, General Manager of Ajman Marina project.

“Ajman is only second to Dubai in adopting the free-hold status, a law by virtue of which a large number of investors from inside and outside the country have been descending on the emirate to launch major projects to take advantage of easy licensing process,” he added.

The emirate is one of the oldest in inviting foreign investment expertise, while offering freehold status, a practice in which it was later followed by other emirates.

Nouri singled out the emirate’s high-profile presence in overseas gatherings as a likewise effective tool to merchandise the emirate’s business potential abroad.

“The investment drive in Ajman enjoys legal and legislative protection with laws being updated for the benefit of investors. These laws augur very well for the future of Ajman where different investment projects, especially that of Ajman Marina, will reflect very positively on the real estate and tourist market,” said Nouri.

“Ajman Marina will see the emirate transforming itself into an impressive commercial and residential seaside destination.”