Ajman Bank launches real estate subsidiary ‘Skyrise Properties’

AJMAN: Ajman Bank, one of the leading Islamic financial institutions in the United Arab Emirates, has announced the launch of Skyrise Properties, a dynamic new fully owned subsidiary focused on real estate asset management.

Headquartered in the UAE, the new venture is set to revolutionise the property management sector.

This strategic move marks a pivotal chapter in Ajman Bank’s transformation journey of diversification and innovation and will complement the bank’s core business offerings, with a range of services including property management, sales, leasing, brokerage, third-party evaluations, and facility management supervision.

Making the announcement, Mustafa Al Khalfawi, CEO of Ajman Bank, said, “The launch of Skyrise Properties signifies a momentous milestone for Ajman Bank. This new venture is a

crucial step for us in the realm of property management and real estate, where we aim to set new benchmarks and redefine standards. Our mission is clear – to elevate not only Skyrise Properties but also Ajman Bank to new heights.”

With an initial focus on managing Ajman Bank’s varied real estate portfolio, as well as external customers, it aims to be a big player in the market. It will operate as an autonomous entity with its own distinct identity, systems, and team.

Mohammed Al Shamsi, who has been with Ajman Bank for over 9 years and is a seasoned professional with over 25 years of extensive experience in the retail and real estate sectors, has been named as the CEO of Skyrise Properties.

Al Khalfawi, stressed, “We believe Skyrise Properties’ independent structure will foster growth, innovation and responsiveness, while empowering the team to cater to its diverse client needs. We are confident Mohammed Al Shamsi’s proven track record and current position as a board member at Aqaar will prove to be invaluable for Skyrise Properties progress. Together, we look forward to achieving new heights of success and growth.”