Foreigners now own 33 percent of development projects established in Ajamn compared to 11 percent in other emirates, Ajman Chamber of Commerce and Industry said in its latest statistics. At the current pace it is going, analysts estimated Ajman's investment growth rate of 6.7 percent annually. “The rapid economic growth witnessed by Ajman comes as a natural result of the distinguished services and incentives provided by the government to draw in foreign investments,” said Ajman Marina project general manager Azad Nouri said. “Ajman is only second to Dubai in adopting the free-hold status, a law by virtue of which a large number of investors from inside and outside the country have been descending on the emirate to launch major projects and enjoy the incentives facilitating issuance of licenses, feasibility studies and statistics of interest to businessmen and developers,” he added. “The investment drive in Ajman enjoys full legal and legislative protection with laws being constantly updated for the common benefit of investors. These laws augur very well for the future of Ajman where different investment projects, especially that of Ajman Marina, will reflect very positively on the real estate and tourist market.” “Ajman Marina will see the emirate transforming itself into an impressive commercial and residential seaside haven. The project gives the emirate a competitive advantage and is expected to create an attractive residential and commercial climate there,” he added. With waterfront living as its hallmark, the Ajman Marina, sprawling over a space of 240,000 sqm, is designed to be a luxurious retreat, complete with residential and commercial buildings and office spaces, a five-star hotel, international food chains, sea view cafes, a signature yacht club, an extensive shopping mall and various ancillary entertainment and leisure facilities. __
