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FINANCIAL NEWS
GCTC, Ajman Free Zones to set up $81.6m development
20 Sep 2010
(MENAFN) A statement issued by Shaikh Mohammed bin Abdullah bin Sultan Al Nuaimi, Director-General of Ajman Ports and Customs Department and Ajman Free Zone Authority said that Ajman Free Zone Authority and Gulf Chinese Trading Corporation (GCTC) located at Al Jarf, Ajman will open a $81.6 million commercial complex, Khaleej Times reported.
The development has 13 buildings and is distributed as follows: four buildings offered for sale in retail, four buildings devoted for residence, office, hotels and gardens, furniture and decoration, one building for warehouses and four buildings for building materials.
There are residential facilities consisting of 468 residential rooms following to the commercial compound occupying a total area of 280 thousand meter square. Each building consists of 260 commercial stores; that is, the total number of stores reaches more than 1,500 owned by more than 1000 exhibitory corporation.
Once the commercial complex is officially opened, the volume of investments and goods are going to reach a value of more than $54 million.
He said the compound is to be prepared with a chain of relaxed and contemporary services which may result in a deluxe and interesting shopping and he added that the project has reached its final stages of implementation and handling will be in October 2011.
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