With an initial focus on managing Ajman Bank's varied real estate portfolio, as well as external customers, Skyrise Properties aims to be big player in the market. Image Credit: Supplied

Dubai: Ajman Bank announced the launch of its real estate subsidiary - Skyrise Properties – on Thursday. The Islamic financial institution’s fully-owned division will focus on real estate asset management. Skyrise Properties will complement the bank’s core business offerings, providing services including property management, sales, leasing, brokerage third-party evaluations, and facility management supervision.

Mustafa Al Khalfawi, CEO of Ajman Bank, said, “The launch of Skyrise Properties signifies a momentous milestone for Ajman Bank. This new venture is crucial for us in property management and real estate, where we aim to set new benchmarks and redefine standards. Our mission is clear - to elevate Skyrise Properties and Ajman Bank to new heights.”

With an initial focus on managing Ajman Bank’s real estate portfolio and external customers, Skyrise Properties will operate as an autonomous entity with its own distinct identity, systems, and team.

Mohammed Al Shamsi, who has been with Ajman Bank for over nine years and is a seasoned professional with over 25 years of extensive experience in retail and real estate, has been named the CEO of Skyrise Properties.

Al Khalfawi said, “We believe Skyrise Properties’ independent structure will foster growth, innovation and responsiveness while empowering the team to cater to its diverse client needs. We are confident Mohammed Al Shamsi’s proven track record and current position as a board member at Aqaar will prove invaluable for Skyrise Properties’ progress.”