Real Estate Ajman property deals rise 16% as economy rebounds By Pramod Kumar August 23, 2023, 5:25 AM Unsplash.com/Dovi Ajman has a growing inventory of hotels and resorts focusing on wellness, cultural and adventure tourism Real estate transactions in Ajman rose 15.6 percent year on year in the first half of 2023, propelled by the UAE’s thriving economy. The number of property deals reached 5,310 and were valued at AED7.17 billion ($1.95 billion), the UAE state-run Wam news agency reported, citing Omar bin Omair Al Muhairi, director-general of Ajman’s Department of Lands and Real Estate Regulation. The emirate recorded a total of 972 mortgage transactions worth AED1.55 billion during the six months, he added. Ajman real estate is reaching saturation point The small surprising wonders of Ajman and Umm Al Quwain Ajman construction contracts reach $1.1bn in H1 2022 The growth is in line with the upward trajectory of the emirate’s real estate sector due to a sustained demand for properties. Real estate transactions hit their highest point in May at AED1.9 billion, soaring 133 percent year on year. Ali Jaber, chief executive of GJ Properties, told AGBI in April that every inch of sand in Ajman will be developed in the next five years. The UAE’s fifth largest emirate, which measures 42 sq km and has a population of half a million people, is close to reaching saturation point in terms of new construction projects, he added. The Ajman Real Estate Investment Exhibition, held in March, saw 75 deals concluded worth AED44.2 million. Last December Ajman ruler Sheikh Humaid bin Rashid Al Nuaimi approved the emirate’s budget for 2023. The AED2.92 billion spending plans marked a 21 percent year-on-year increase, the largest in the emirate’s history.
Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] 22 hours ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 24 hours ago
Manufacturing China’s Geely opens Mena’s first car assembly plant in Egypt China’s Geely Auto has opened its first car assembly plant in the Middle East and North Africa near the Egyptian capital to produce 10,000 vehicles per year for the domestic market and up to 30,000 for export. Cairo-based Auto Mobility company (Geely Egypt), said it has invested around $100 million in the new car assembly […] 24 hours ago
Logistics Emirates increases capacity to meet rising cargo demand Dubai national carrier Emirates Airline has taken delivery of two additional aircraft to increase capacity and meet growing demand for its cargo service. The company has signed multi-year leasing deals for two Boeing 747 freighters, which have raised Emirates’ cargo capacity by 15 percent, the airline said in a statement. Emirates SkyCargo transported almost 1.2 […] 24 hours ago