$199 Million Ajman Real Estate Valuations in May 2024

Ajman’s real estate sector witnessed a significant rise in commercial property valuations.

Tue, Jun 18, 2024 2:37pm

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The Department of Land and Real Estate Regulation in Ajman announced that the department managed to complete 169 real estate valuation processes in May 2024, totaling over AED729.5 million ($199 million).

Ahmed Khalfan Al Shamsi, Director of Real Estate Registration, explained that the valuations covered commercial, residential, industrial, and agricultural properties, with commercial properties accounting for the largest share at AED437.2 million ($119 million), marking a 197 percent increase compared to April 2024. Industrial properties followed with a total value of AED148.45 million ($40.4 million).

Al Shamsi also noted that the May report included individual valuation transactions, valuations for courts and institutions, and valuations for long-term golden residency visas for investors, totaling 142 processes and exceeding AED334 million ($91 million) in value.

Overall, Ajman’s real estate valuations in May saw a 33% increase compared to the previous month.

This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.

Fri, Jul 5, 2024

2 min

Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.

Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”

Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.

Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.

With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.

Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.