Ajman discusses future of real estate and the industrial sectors

The real estate Ramadan Majlis that was organised by the Ajman Chamber of Commerce and Industry (ACCI) stressed the importance of pushing the Emirati entrepreneurs to take advantage of the available investment opportunities related to the real estate sector such as technical services, maintenance contracts and others. It also recommended that the concerned authorities should join hands to set fixed standards for the design of buildings in order to guarantee the requirements of public health, security, safety and reliance on clean energy.

Moreover, the attendees stressed the importance of collecting data and information locally and federally to identify the ingredients and challenges of the real estate sector and the future opportunities, as well as organising meetings between officials and experts to anticipate the real estate future and to increase the cooperation in the developments of the sector, especially in light of the diversity of its modern technologies.

This came during the real estate Majlis that came to discuss the reality and future of the real estate sector and its impact on the industrial sector in the Emirate of Ajman and the UAE and to monitor the purposeful opinions and proposals and the impact of the Corona pandemic on the real estate sector. The Majlis was attended by Abdullah Al Muwaiji, Chairman of Ajman Chamber, along with Mohammed bin Abdullah Al Hamrani-Board of Directors Member of the Ajman Chamber, Mohammad Ali Al Janahi, Acting Director General of the Ajman Chamber, Omar bin Omair, Director General of the Department of Land and Real Estate Regulation-Ajman, and representatives of government entities and real estate offices.

The hybrid Majlis was held at the headquarters of the Ajman Entrepreneurship Centre, to allow as many as participants to attend it remotely through the visual communication.

The Majlis addressed several themes, including the impact of the Corona pandemic on the real estate sector, the future of the real estate sector in the country, the new technologies and the industrial expansion and its impact on real estate development.

Commencing the Majlis, Abdullah Al Muwaiji stressed its importance and the role played by it in shedding light on the reality and future of the sector in Ajman and the country in general. He also emphasised the direct impact of the real estate sector on all economic, tourism, educational and other activities.

He added, “The real estate and construction sectors are integrated, and each of them has a direct impact on the other, because of their significant contribution to the emirate’s GDP. Both sectors contributed to the emirate’s GDP by 19 per cent during 2019 with 6 per cent from the real estate and 13 per cent from the construction.”

He also stressed the importance of integrating efforts and enhancing direct communication with government entities and private establishments, as well as community members through organising such meetings and Majlis because of their positive contribution and effects in the development process.

Abdullah Al Muwaiji continued, “The industrial sector has a positive relationship with the real estate sector, so the more one of them develops, the more the other grows. Therefore, the launch of the national strategy “Operation 300bn” that aims at increasing the contribution of the national industrial sector to the GDP to Dhs300 billion in 2031, reflects the great interest of the leadership and government in the country to the industrial development.”

He also emphasized the continuity of urban development in the UAE under a prudent leadership that provides an infrastructure meeting the requirements of the real estate sector, in a legislative environment and flexible and fast procedures that ensure easy transfer of properties and preserve the rights of the parties.

The Majlis hosted elite of experts in the real estate sector who were Marwan bin Ghalita - Executive Director of the Real Estate Regulatory Agency in Dubai, Iyad Matar, CEO of AJ Real Estate Investment, Khalifa Sultan Al Muhairi — Director General of Al Rasikhoon Real Estate, Muhannad Al Wadia - expert, real estate media and CEO of harbour Real Estate Asset Management, and Salim Flaiifel - Director of Business Development, Sales, Advertising and Marketing — Al Zorah Development. The session was moderated by Marwan Al Shehhi.

The speakers discussed the impact of the Corona pandemic on the real estate sector and the UAE’s efforts to tackle the challenges of the pandemic.

They hailed the government’s role in reassuring investors and directing financial institutions and banks to reschedule loans and financial transactions for customers in the real estate sector in particular with creating a flexible legislative environment that keeps pace with changes and developments.