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Saturday, 04 October 2008 14:42 |
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The Emirate of Ajman is experiencing a rapid transformation along with some of the highest growth rates in the UAE. Average annual GDP growth in Ajman has been a phenomenal 11% over the past decade. According to Ajman’s Chamber of Commerce, in 2006, Ajman’s GDP rose to AED 3.5 Billion, contributing 1.25% to the UAE’s total GDP that year. Ajman has benefited from its small size, as this means that each individual development has the opportunity to make a significant impact, as well as create a strong surge in several key sectors. These sectors include tourism, banking, education, health care and industrial.
Price increases in other regions in the UAE have begun to drive investors to look to Ajman for less expensive and more convenient locations. Increasingly, investors are flocking to this emirate because their investment capital can go so much further and their rate of return is becoming much higher than other regions can offer. In addition, the Ajman Free Zone is the largest in the Northern Emirates and hosted 2115 companies at the end of 2006, which was an increase of 5.75% from the previous year. This Ajman Free Zone growth caused officials to relocate the Ajman Free Zone to Al Zorah, where it will form part of a mixed-use development. Foreign businesses and investors have been attracted by local political leadership, which has been very open to outside investors. There is no ban on foreign property ownership and business licenses have been available to nationals and expatriates alike since October, 2005. Ajman also enjoys a prime location along the UAE’s main transport links, both federally and internationally.
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