Issue No 264 - 09 April 2008
  Emirates Post to develop Ajman projects

Emirates Post Group has forayed into property development in Ajman by entering into an agreement with Ajman Sports and Cultural Club to develop malls and commercial buildings in Ajman on land owned by the Club.

According to the agreement, Emirates Post Group will build malls and commercial buildings in three locations, with the Ajman Sports & Cultural Club receiving a fixed percentage of the revenues annually for a 20-year period.

At the end of this period, there is options to either extend the contract or hand over the properties to the Club, said an Emirates Post official.

"In addition, Emirates Post Group will offer space to Ajman Sports and Cultural Club to open supermarkets which will be run by the proposed Ajman Co-operative Society," noted Abdulla Al Daboos, president of Emirates Post Group.

The rest of the space will be used by Emirates Post Group to offer postal and non postal services, for activities of subsidiaries companies and for renting to outside companies.

"Under the agreement, Emirates Post Group will develop and manage these investment projects in three areas of Ajman: Al Rashidiya, Mushairif and the Industrial Area. A fixed space will be allotted to the proposed Ajman Co-op chain of supermarkets which will be ready in two years," Daboos explained.

He pointed out that Ajman has transformed itself into a booming investment destination, and real estate projects were yielding excellent returns.

"Ajman has developed good infrastructure and an investor-friendly business climate that is attracting investors from all over the world, under the leadership of Sheikh Humaid Bin Rashid Al Nuaimi, member of the supreme council and ruler of Ajman. The partnership will tap the potential for real estate projects in Ajman," he added.

Earlier, Daboos met Sheikh Humaid and briefed him on its plans in the emirate of Ajman.

Khalifa Saeed Al Jarrah, chairman, Ajman Sports & Cultural Club, said: "Our partnership will Emirates Post will exploit the tremendous opportunities offered by the emirate of Ajman in the field of real estate."

"Ajman is a modern emirate boasting excellent location, low land cost and attractive investment climate. Through the strategic development of our land, Emirates Post Group will help us join the success story," he observed.

Abdullah Al Fan, CEO of strategy & planning affairs, Emirates Post, said it is guided by the strategic goal of increasing revenues through innovation and global best practices, as a way of contributing to the national economy.

"The strategy will come to fruition within the next few years. Our partnership with Ajman Sports and Cultural Club is just one example of our ambitious business model," he noted.

The press conference was also attended by Abdulrahman Al Nuaimi, head of Ajman Sports & Cultural Club.

Source: Trade Arabia News

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