Interview: Omar bin Omair Al Muhairi
How does the real estate sector remain competitive in attracting foreign investment?
OMAR BIN OMAIR AL MUHAIRI: Ajman’s strategic location, coupled with competitive property prices and proximity to major business centres, makes it an attractive destination for global investors seeking accessibility and affordability. The emirate continues to strengthen its appeal by integrating sustainable practices and digital innovation into its urban landscape. Smart building technologies enhance efficiency, automation and quality of life, while the adoption of clean energy solutions lowers operational costs and boosts property values. Sustainability-driven initiatives not only align with global environmental objectives but also future-proof investment.
The sector is also embracing a forward-thinking approach by encouraging sustainable construction methods, prioritising energy-efficient developments, and leveraging emerging technologies. Challenges such as the clean energy transition and the integration of smart infrastructure require developers to adapt rapidly. Participating in industry exhibitions and forums fosters knowledge exchange, technological adoption and strategic partnerships, ensuring that Ajman remains competitive in an evolving investment landscape.
What factors are driving growth in Ajman’s commercial real estate market, and how can investors capitalise on this momentum?
AL MUHAIRI: Ajman’s reputation for security and stability, coupled with an ease of doing business, enhances its attractiveness for commercial real estate investment. The segment has witnessed strong growth, with its valuation reaching Dh1.4bn ($381m) in the first quarter of 2024, reflecting a 10.3% increase from the same period of 2023. Total real estate transactions grew to Dh4.3bn ($1.2bn) in the first quarter of 2024, marking year-on-year growth of 26.6%. Commercial property transactions are outpacing residential deals, with the former valued at over Dh3.3bn ($898m) in the third quarter of 2024. This shift demonstrates a growing preference for commercial assets, driven by higher returns and a dynamic business climate.
Government incentives play a key role in fostering this growth. Simplified property ownership regulations and long-term residency visas create an investor-friendly environment. Various infrastructure projects are also redefining the skyline, attracting premium office and retail tenants. The diversification of real estate opportunities is also clear, with industrial properties recording transactions worth Dh164m ($44.6m) in the first quarter of 2024. This trend highlights investor confidence in the emirate’s long-term commercial viability.
In what ways do public-private partnerships (PPPs) play a role in shaping urban development?
AL MUHAIRI: PPPs are instrumental in accelerating Ajman’s urban development, bringing efficiency, innovation and financial sustainability to real estate projects. This collaboration enables private sector participation in infrastructure enhancements, smart city projects, and residential and commercial developments. Such partnerships expedite the adoption of advanced construction techniques, elevate service quality, and position Ajman as a preferred investment destination.
The enactment of Law No. 2 of 2022 established a framework for fostering private sector involvement. PPPs help mitigate financial risk by sharing investment responsibilities – reducing the strain on public budgets while unlocking capital for large-scale projects. By streamlining bureaucratic processes, such collaboration facilitates swift project execution, ensuring that urban expansion keeps pace with demand. Beyond financial and operational efficiencies, PPPs contribute to longterm sustainability. Regulations emphasise environmentally responsible development, aligning with global green building standards. This focus ensures that new projects integrate sustainable materials, energy-efficient designs and socially inclusive planning principles.
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