Ajman Economy - An Overview

If you have decided to set up your new business in Ajman, it is also important that you know about its economy and gather all general information pertaining to the business environment in the country. Being aware about the current financial standing as well as the economic history of Ajman will help you take crucial investment destinations in the country.

The Emirate of Ajman is one of the rapidly growing economies in the United Arab Emirates (UAE), with some of the highest growth figures. The gross domestic product (GDP) growth rate of Ajman has been quite phenomenal since the last few years. Average yearly GDP growth in the country has been at 11% over the last 10 years. It contributes significantly towards raising the GDP growth of the entire UAE region. Despite being small in size, Ajman has managed to enjoy a distinctive ranking among other Emirates. The economy has been heavily reliant on trade and fishing since ancient times. However, diversification taking place in the state managed to make a significant impact on the development of other prominent sectors, including banking, construction, manufacturing, healthcare, tourism and education.

Robust surge in the development of some of the key sectors in Ajman has eventually led to the rapid economic transition of the country. Over the last few years, several construction projects and commercial as well as industrial activities have been initiated. There has been a marked growth of some new sectors besides the traditional ones. The establishment of heavy industries has also contributed significantly in fostering the economic development of Ajman. With the surge in the development, the GDP of the country also pushed up to AED 3.5 Billion in 2006, thereby enabling the economy to contribute about 1.25% to the GDP growth of the entire Emirates region for that year.

With the incorporation of new changes in its economic framework and with its economic achievements, the economy of Ajman has become self-reliant. Today, the country is self-sufficient and also a noted player on the trading front. A large number of items, including industrial goods as well as food items, are exported from Ajman to different parts of the world. In view of the rapid economic development, Ajman has also emerged as a key investment hub for several entrepreneurs and reputed organizations. People not only from Arab world but also from far-off countries come to Ajman to explore the lucrative business opportunities and to make the most of the favorable business climate.

The wide range of advantages enjoyed by the Ajman economy is also responsible for pushing the growth of industrialization and other commercial real estate activities in the country. The economic policy as well as the political directives has also paved the way for the realization of higher economic goals in Ajman. Within a short period, the economy of Ajman has managed to make a mark in the global trading scene. Combining the ancient cultural values with the modern technological advancements, Ajman's economy is making huge strides and is sure to emerge as an economically significant authority in the next few years.