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Sat 23 May 2015 09:14 AM

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Developer sees Ajman as 'next big thing' for investors

Gulf Asia Contracting, which has $620m contracts in the UAE, says Ajman has potential for business and leisure development

Developer sees Ajman as 'next big thing' for investors

Gulf Asia Contracting, part of the RP Group which has been awarded over AED2.28 billion ($620 million) in construction contracts in the UAE, has forecast that Ajman is set to become a major magnet for new development.

As the RP Group expands its operations across the region, the company said Ajman is "increasingly becoming attractive to first-time home owners and investors".

“Gulf Asia Contracting has already built several high-profile residential and commercial buildings in the Gulf, including the French Embassy in Riyadh,” said Vinod Pillai, group general manager, RP Group.

“While we have made a mark on many of the region’s large urban centres, we strongly believe in the sustainability of the Ajman emirate as we woo new markets. Ajman is an affordable destination and is increasingly becoming attractive to first-time home owners and investors.”

Mid to high-rise residential projects like the City Towers, Ajman Corniche, Yasmeen Towers and the Oasis Towers are currently underway to modernise Ajman’s skyline.

Pillai said the combined estimated worth of all six Gulf Asia Contracting projects in Ajman is AED1.78 billion making it one of the biggest contractors to operate in Ajman.

He said he believes that with its proximity to Dubai, the developing emirate could be a major future destination for business and leisure.

Ajman tourism revenues reached nearly AED300 million in 2014, compared to AED220 million in 2013. The number of hotel and hotel apartments’ guests in 2014 increased to 850,000, compared to about 600,000 in the previous years.

Pillai added: “Gulf Asia Contracting is currently working with the Ajman Real Estate Investment Company to construct several residential landmark projects in Ajman which we believe are symbolic of the aspirations of a new generation.”

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