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25 April 2024

Ajman buys Marmooka Capital's stake

By Wam

The Ajman Real Estate Investment Establishment, owned by the Ajman Government, has bought Marmooka Capital's stake in the Marmooka City – a luxury city project in Ajman – at a cost of Dh800 million.

Ghaleb Jaber, General Manager of the Establishment, said it has become the sole owner of the project and the consultant office has been contacted to speed up construction of infrastructure.

He added that there would be meetings with the property developers and land buyers in the project, and he would also co-ordinate with the Ajman Municipality to provide land to buyers with effect from next month.

The total land area of the city project, which is located on Emirates Roads, is 7.5 million square feet.