Ajman: the "next big thing" for developers?

Photo: Shazzandrob

Ajman could become the next big thing for new developments, according to one developer.

Gulf Asia Contracting says that Ajman is "increasingly becoming attractive to first-time home owners and investors", thanks to its proximity to Dubai, relatively affordability and growing tourism industry.

Indeed, the emirate's tourism revenues grew 36 per cent last year compared to 2013, rising to almost AED 300 million, while the number of guests in hotels and hotel apartments rose 41 per cent to 850,000.

"Gulf Asia Contracting has already built several high-profile residential and commercial buildings in the Gulf, including the French Embassy in Riyadh," Vinod Pillai, group general manager for RP Group, tells Arabian Business.

Mid to high-rise residential developments are already underway, which Pillai says will modernise the Ajman skyline. Together, Gulf Asia's six projects in Ajman are worth a total of AED 1.78 billion, making it one of the biggest contractors operating in the emirate.

Pillai adds: "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."