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According to a Press statement on Sunday, 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.
Ali Essa Alshaqoosh Al Mueen, Acting CEO of Ajman Bank, said: “This latest deal signed with the AFZA is another exciting new partnership will bring about greater development in the emirate.”
Shaikh Mohammad bin Abdullah Al Nuaimi, Director-General of Ajman Port and Customs and Free Zone Authority, said: “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.”
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