Business | Construction
Emirates Post ventures into Ajman property
Group signs agreement with local club to build malls and commercial buildings on its land.
- Staff Report
- Published: 00:31 April 6, 2008
Dubai: Emirates Post Group has ventured 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.
Emirates Post will build malls and commercial buildings in three locations, with the Ajman club receiving a fixed percentage of the revenues annually for a 20-year period.
At the end of this period, there is an option to either extend the contract or hand over the properties to the club.
Cooperative push
In addition, Emirates Post Group will offer space to the Ajman club to open supermarkets which will be run by the proposed Ajman Cooperative Society.
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.
"Ajman has transformed itself into a booming investment destination, and real estate projects are yielding excellent returns. Ajman has developed good infrastructure and an investor-friendly business climate that is attracting investors from all over the world," Abdulla Al Daboos, president of Emirates Post Group, said.
"Our partnership with Emirates Post Group 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," said Khalifa Saeed Al Jarrah, chairman of Ajman Sports and Cultural Club.
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