- The deal enables the completion of the Al Jarf industrial hub, located in the Ajman Free Zone
- On completion the new warehouses available to businesses will boost investment in the local economy
Ajman Bank, the emirate’s first Islamic commercial Bank, signed an agreement this week with the Ajman Free Zone Authority (AFZA) worth AED 54 million. The agreement provides a form of Islamic finance, known as Ijarah. This will allow the AFZA to further extend the Al Jarf industrial hub, completing the third stage of its warehouse project already underway.
Since its establishment, AFZA has attracted a significant amount of businesses, and investment has long surpassed the billion dollar mark. Extending the warehouse facilities at Al Jarf will work to further interest in Ajman, particularly due to the strategic location of the new hub. Located close to the Emirates Highway, it provides road access to both the sea and air ports, which will prove to be a key selling point to those requiring storage for their operations.
Working to serve the interest of the Emirate of Ajman makes this deal yet another reflection of the bank’s commitment to its community banking strategy. The agreement is the second to be signed with the AFZA in recent months. The first, signed in May of this year, outlined details of co-operation in the exchange of services and investment opportunities between the two bodies, all geared towards attracting investment and strengthening the local economy. The extension of the industrial free zone enabled through this second deal, will likewise serve the same purpose.
Ali Essa Alshaqoosh Al Mueen, Acting CEO of Ajman Bank commented: “This latest deal signed with the AFZA is another exciting new partnership will bring about greater development in the emirate. Enabling the completion of the third phase of building in the industrial hub of the Free Zone will provide more businesses the opportunity to locate their operations within Ajman. With the many other incentives to invest in the emirate, from the a range of governmental incentives to the availability of cheap energy and raw materials, the new warehouses will serve to compliment one of our core objectives of making Ajman and the UAE an ever more attractive location for businesses.”
Sheikh Mohammad Bin Abdullah Al Nuaimi, Director General of Ajman Port and Customs and Free Zone Authority, added: “The new partnership formed between the Free Zone and Ajman Bank is another positive step towards transforming the Emirate of Ajman into a major industrial hub and business centre within the UAE and the wider region. The Ijarah finance provide to us by Ajman Bank will enable the completion of the warehouses at the Al Jarf industrial hub located in the Free Zone. We are confident that once the latest phase of our development is complete, more enterprises will find this an ideal location from which to operate, working to strengthen the local economy.”
