Emirates City Forum

Al Zorah halves cost as it converts Ajman project into resort
07/12/2011 01:07:43 PM GMT

Wednesday, Dec 07, 2011

--CEO sees cost saving of 50% after Ajman project was converted, downscaled

--To issue construction tenders within six months

--First phase to be complete by 2014

By Tahani Karrar-Lewsley

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AJMAN // Economic growth has led to a steady rise of the smallest emirate's population in the past two years, the Ajman Executive Council says.

Statistics showed there were 262,186 people in Ajman at the end of last year, compared with 250,186 in 2009 and 237,000 in 2008.
The total number of Emiratis was 42,186 last year, figures released by the Ajman Executive Council show.

Dr Yasmin Joudi, the director of the department of statistics at the council, said economic growth had attracted more people to the emirate and caused the population growth.

* Visa for foreign property buyers extended to 3 years

* UAE property stocks rise on the move

(Adds details, background, stock prices)

DUBAI, June 29 (Reuters) - A decision to extend visa tenures for real estate investors will "significantly" boost investor confidence in the United Arab Emirates' struggling property sector, the head of the country's largest developer said.

Middle East which is mainly known for its oil rich terrain and oil money, has now taken a completely new dimension after the impressive display by the Dubai property sale and tourism business, which is followed by Abu Dhabi and Oman as well. It is not just tourism and real estate but there are several different things that attract people to visit Dubai which has really helped Dubai to stabilize its economy.

In a move that could spark further concern for local investors in troubled real estate projects, a UAE developer has filed for liquidation, according to the Financial Times.

The move is thought to be the first court-mandated bankruptcy of a distressed property project since the financial crisis began.

The UK newspaper reported that Al Murjan Real Estate, the owner of the $3bn 8,000-home White Bay project in Umm Al Quwain, filed for insolvency in the Sharjah courts, where two liquidators have already been appointed.

Hi. Below is the article from Gulfnews dated 13th Sept. I'm afraid how many more such banruptcies we would be reading in newspaper in near future. Thinga are really bad friends . No sign of improvement .

....................

Dubai: The biggest German fund for property investments in Dubai declared bankruptcy on four of its seven funds yesterday after it announced the move in a recent letter to investors. The responsible court in Bielefeld, Germany, confirmed to German media that it has received the insolvency application.

A great video taken by Roger Wilkinson at AjmanProperties.
A Drive From Ajman Corniche to Falcon Towers, Ajman through the Ajman City past other Ajman Projects. You can also see where the R-Holding building is located too...

http://www.youtube.com/watch?v=bKg6B4SwD1A

Here a post by kevin_GT on SCC Ajman. Very discouraging:

kevin_GT
Registered User

Join Date: Jun 2009
Posts: 42
Had a drive past EC yesterday on my way to RAK.

EC is a shambles, the towers on the front row (GCD I think) even have collapsed walls. EC looks like an abandoned mess in the middle of the desert.

From what I could see there was not a single worker on the entire Master Development, no cranes moving etc...

The only project where activity is apparent is Ajman Uptown.

Interesting read from Gulfnews today:

Flat rentals fall flat in Ajman 06/05/10 11:55
May 06 2010 | Last updated less than one minute ago
gulfnews.com
Business | Property
Flat rentals fall flat in Ajman
Rents in Ajman have dropped by more than 40 per cent
By Salam Al Amir, Staff Reporter Published: 00:00 May 6, 2010
Reader comments (0)
The Nuamiya area in Ajman Image Credit: Xpress /Ahmed Ramzan
Ajman: Rents in Ajman have dropped by more than 40 per cent this year, real estate agents and a senior official at the Ajman Municipality and Planning Department said.