Investment firm backs Ajman’s new real estate regulator

photo credit: Tracy O

 

A leading investment group has backed the founding of a new UAE real estate regulation group, saying it could signal “a new era” in the Ajman market.

Awali Real Estate Investments said the government of the emirate had its full support in the founding of the Ajman Real Estate Regulation Authority.

Ordered by the emirate’s ruler, Sheikh Humaid Bin Rashid Al Nuaimi, the new body mirrors a similar group set up to monitor the Dubai property sector.

Executives said the measure was effective preparation of the market for the “post-crisis period”.

Ali Al Nemer, Awali managing director, said: “It reflects a very distinct and ambitious vision to turn Ajman into a foreign investment destination on the one hand, and to strengthen Ajman’s status in the UAE property market on the other.”

Ajman is currently home to the third biggest real estate market in the UAE, and also has one of the largest proportions of foreign investment at 33 per cent.

Omar Jawdat Al Barghouthi was named director general of the new regulatory authority earlier this month.

Its responsibilities include approval of banking and financial groups to manage escrow accounts, plus monitoring and legal matters.

Awali, a Saudi Arabia-based firm, is also a developer and is building the Awali City project, launched in Ajman in 2008.

The firm is expected to expand its investment and property projects across the Gulf region as some other firms wind down growth in 2009.

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