Emirates Post Group to develop Ajman property
Emirates Post Group has forayed into property development in Ajman by entering into an agreement with Ajman Sports and Cultural Club to develop malls and commercial buildings in Ajman on land owned by the Club.
According to the agreement, Emirates Post Group will build malls and commercial buildings in three locations, with the Ajman Sports and Cultural Club receiving a fixed percentage of the revenues annually for a 20-year period. At the end of this period, there is an option to either extend the contract or hand over the properties to the Club.
In addition, Emirates Post Group will offer space to Ajman Sports and Cultural Club to open supermarkets which will be run by the proposed Ajman Cooperative Society. The rest of the space will be used by Emirates Post Group to offer postal and non postal services, for activities of subsidiaries companies and for renting to outside companies.
Abdullah Al Fan, CEO of Strategy and Planning Affairs, EPG, commented, “The Emirates Post Group is guided by the strategic goal of increasing revenues through innovation and global best practices, as a way of contributing to the national economy. The strategy will come to fruition within the next few years. Our partnership with Ajman Sports and Cultural Club is just one example of our ambitious business model.”
Emirates Post Group has forayed into property development in Ajman by entering into an agreement with Ajman Sports and Cultural Club to develop malls and commercial buildings in Ajman on land owned by the Club.
According to the agreement, Emirates Post Group will build malls and commercial buildings in three locations, with the Ajman Sports and Cultural Club receiving a fixed percentage of the revenues annually for a 20-year period. At the end of this period, there is an option to either extend the contract or hand over the properties to the Club.
In addition, Emirates Post Group will offer space to Ajman Sports and Cultural Club to open supermarkets which will be run by the proposed Ajman Cooperative Society. The rest of the space will be used by Emirates Post Group to offer postal and non postal services, for activities of subsidiaries companies and for renting to outside companies.
Announcing the partnership at a Press conference in Ajman, Abdulla Al Daboos, President of Emirates Post Group, said, “Under the agreement, Emirates Post Group will develop and manage these investment projects in three areas of Ajman: Al Rashidiya, Mushairif and the Industrial Area. A fixed space will be allotted to the proposed Ajman Co-op chain of supermarkets which will be ready in two years.”
“The emirate of Ajman has transformed itself into a booming investment destination, and real estate projects are yielding excellent returns. Ajman has developed good infrastructure and an investor-friendly business climate that is attracting investors from all over the world. This partnership will tap the potential for real estate projects in Ajman,” Al Daboos added.
Earlier, Al Daboos met His Highness Shaikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, and briefed him on EPG’s plans in the emirate of Ajman.
Khalifa Saeed Al Jarrah, Chairman, Ajman Sports and Cultural Club, said: “Our partnership will Emirates Post Group will exploit the tremendous opportunities offered by the emirate of Ajman in the field of real estate. Ajman is a modern emirate boasting excellent location, low land cost and attractive investment climate. Through the strategic development of our land, Emirates Post Group will help us join the success story.”
Abdullah Al Fan, CEO of Strategy and Planning Affairs, EPG, commented, “The Emirates Post Group is guided by the strategic goal of increasing revenues through innovation and global best practices, as a way of contributing to the national economy. The strategy will come to fruition within the next few years. Our partnership with Ajman Sports and Cultural Club is just one example of our ambitious business model.”
The press conference was also attended by Abdulrahman Al Nuaimi, Head of Ajman Sports & Cultural Club
