Skip to content Skip to Search
Skip navigation

Ajman property deals rise 16% as economy rebounds

Ajman has a growing inventory of hotels and resorts focusing on wellness, cultural and adventure tourism 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.

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.

Latest articles

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]

Rakbank

Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]

The proposed sharia standard 62, which aims to transition the industry towards asset-backed sukuk, will not affect 2024 issuance, says S&P

Sharia standard 62 may disrupt sukuk market, says S&P

Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to the American credit rating agency S&P in a new report. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standard 62 guidelines as they have been presented could disrupt the market,” […]