Ajman Bank, a prominent Islamic financial institution, marked a significant expansion of its business portfolio with the launch of Skyrise Properties, a fully-owned real estate subsidiary, announced on Thursday. This new venture represents a strategic move by Ajman Bank to diversify its offerings and enhance its presence in the real estate sector.
Skyrise Properties is set to focus on a range of real estate asset management services. These services include property management, sales, leasing, brokerage third-party evaluations, and facility management supervision. This expansion into real estate asset management is designed to complement the core business offerings of Ajman Bank, adding a new dimension to its already robust financial services.
Mustafa Al Khalfawi, the CEO of Ajman Bank, expressed his enthusiasm about this significant development. “Launching Skyrise Properties is a momentous milestone for us,” he said. “It’s a crucial step in our journey in the property management and real estate sector. Our goal is to set new benchmarks and redefine standards in this field, aiming to elevate both Skyrise Properties and Ajman Bank to unprecedented heights.”
Skyrise Properties will start by managing Ajman Bank’s real estate portfolio and will gradually expand to serve external customers. Operating as an independent entity, it will have its distinct identity, systems, and team, allowing for greater flexibility and innovation in its operations.
Leading the helm of Skyrise Properties is Mohammed Al Shamsi, a seasoned professional with over 25 years of experience in retail and real estate. Al Shamsi’s expertise, coupled with his nine-year tenure at Ajman Bank and his current role as a board member at Aqaar, positions him as an ideal fit for the CEO role at Skyrise Properties.
Al Khalfawi has high hopes for this new subsidiary. “We’re confident that Skyrise Properties’ independent structure will encourage growth, innovation, and a keen responsiveness to client needs,” he remarked. “Mohammed Al Shamsi’s extensive experience and proven track record will be invaluable in driving Skyrise Properties forward.”
The launch of Skyrise Properties by Ajman Bank represents a significant stride in diversifying the bank’s business and embedding its footprint in the dynamic world of real estate asset management.
