Great expectations

As the property market in Ajman continues to heat up, Rami Dabbas, CEO of Aqaar discusses upcoming developments and the future prospects of the emirate.

As property in Dubai becomes increasingly extortionate, Ajman looks set to become the investment choice for both seasoned and first-time investors.
While prices in the emirate have crept up over the last 24 months, they remain perhaps vastly more favourable than in Dubai and Abu Dhabi, where many investors have already been priced out of the market.

"Since we established Aqaar, I believe we took the lead in Ajman," says Rami Dabbas, CEO of Aqaar. Formed in 2006, Aqaar has since launched its maiden project Ajman One, a US$735m residential and commercial development. It unveiled Almeria Bay, a waterfront development at Cityscape Dubai. According to Dabbas, the latter will be geared towards  the higher end of the market.

"It's on the Corniche of Ajman. We've got a piece of land there and we're also going to reclaim some land. In total we're talking about 40,000 sq m of land, which we will build mixed-use developments on," he explains. Almeria Bay, derived from ‘mirror of the sea,' will begin sales later in the year and will consist of residential towers, a luxury hotel, a 63-berth marina and a health spa.

"The launch will be at the end of this year. We're only at Cityscape since it became a ‘must' for any developer," he admits. Currently, the project has an estimated build cost of US$789m and will begin construction in either December 2009 or January 2010. Completion is slated for January 2014.

Project development

During a six year stint at Emaar as Director of Projects, Dabbas took a hands-on approach and was on site at a number of developments, including; Dubai Marina, Emaar Business Park, The Greens and the Burj Dubai.

 "I worked on the Burj Dubai for over a year. I was involved in the design stage, when we brought the Burj to the ground and then with all the piling," he explains. Now in his role as CEO of Aqaar, Dabbas is also the Head of Real Estate Development for Ajman Investment and Development Authority, and represents the government in its partnership with Tanmiyat Group to develop Ajman Marina.

He also sits on the board of directors for Al Zorah Development Company, a joint venture between Solidere International and the government of Ajman, responsible for Al Zorah, a 12 sq km mega-project in the emirate. The US$59.9bn urban community is expected to be complete in 2015 and will house a population of around 200,000. Dabbas believes the price for properties in this colossal project will be more expensive than in some other developments.

"In Al Zorah, I don't think the selling price will be less than US$540 or US$680 per sq ft. Ajman is a small emirate and it's not congested, even with these developments," he explains, drawing comparison with Dubai, where heavy traffic is a daily obstacle for residents.

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