A US$ 5 billion development project ...
Plans have been drawn up for the construction
of a major real estate project to be built
off the coast of the emirate of Ajman
and to be called Amber Islands.
The scheme will cover the construction
of four new man made islands to be connected
by an isthmus. The facilities to be built
on the islands include 1234 suites, 5312
villas and townhouses, a golf resort,
two marinas, hotels, a hostpital, shopping
malls and also a complete marine theme
park. The project is estimated to cost
US$5 billion and will be developed in
phases. A new highway from Dubai International
airport direct to Amber Islands is also
planned.
The Amber Islands Development Fund development
fund has already been established and
is registered with the Cayman Monetary
Authority which is the largest registrar
of offshore funds in the World .
Investment
considerations are:-
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Administration
and Custody provided by Bank of
Bermuda owned by HSBC |
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The
prime broker is Deutsche Bank |
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All
Fund documentation has been created
or reviewed by Walkers Cayman,
legal council Bank of Bermuda
and legal council of Deutsche
Bank |
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The
guarantee documents, mortgages,
agreements have been created or
reviewed by Ritter Attorneys at
law, Zurich and International
Legal Consultants in Dubai |
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The
concession agreement has been
reviewed by the legal council
of Ajman and has been signed by
H.H. Sheikh Humaid bin Rashid
Al Nuaimi, The Ruler of Ajman |
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Preferred
payment certificates are issued
by the developer to have the required
return |
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The
preferred payment certificates
(PPCs) are backed by land provided
by the Ruler and the whole development
via a mortgage |
|
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The
mortgage will be enforced through
the concession agreement from
the Ruler |
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Investors
have the right of conversion into
property at any time |
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The
conversion rights are enshrined
in the prospectus |
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Investors
can choose which properties |
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The
conversion is at 111% of value
of holdings in the fund or the
guaranteed return and whichever
is higher |
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Buyers
will have freeholds |
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Property
cannot be confiscated or nationalised
by Ajman or by the Ruler |
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The
Ruler has waived sovereign immunity |
|
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About Ajman
..
The Emirate of Ajman is situated on the
coast of the Arabian Gulf, extending over
a distance of 16 km, between the emirates
of Umm Al-Quwain and Sharjah. The area
of the emirate is 259 square kilometers,
equivalent to 0.3% of the country's total
area, excluding the islands. The population
was estimated to be 80,000 in 1992.
The town of Ajman, the capital of the
emirate, lies on the coast of the Arabian
Gulf. lt comprises the Ruler's office,
companies, banks and commercial markets.
The port of Ajman is located along a natural
creek (Khor) which penetrates the town.
The two major regions in the emirate are
Masfout, an agricultural area, lying at
a distance of 110 km long at the South
east, and Manama located 60 to the east.
Amber Islands currently represents one
of the greatest and most secure investment
opportunities in the UAE. If you are interested
to invest in this development then we
invite you to
contact
us.
