Bonyan International Investment Group, a leading real estate company, has awarded the earthworks contract for its flagship Dh3.5 billion ($953 million) ‘Eye of Ajman’ development, to RAM Road Contracting.

The contract is aimed at leveraging the high level of interest generated in the emirate, following the recent signing of an Dh7.34 billion contract between Ajman’s government and Malaysian Mining Corporation (MMC) to build the first coal-fired power plant in the region.

The new power plant, which is expected to generate one gigawatt of electricity as early as 2012, will ensure stability in the emirate’s power supply, and is in line with Bonyan’s commitment towards ensuring continuous electricity supply upon occupancy in its offered plots.

Prior to this, the Ajman Government had also undertaken an agreement with the Federal Electricity and Water Authority (Fewa) in Ajman to construct two power plants, which are set to commence operations within the next few months in order to supply electricity to the existing real estate developments until the MMC plant is completed.

Bonyan’s ‘Eye of Ajman’ project is currently one of the largest master developments in Ajman and is reflective of the growth and potential within the emirate.

'Ajman is an emirate that is developing at a fast rate, with upgrades on basic utilities and services actively being undertaken by the government, which is being recognised by global and regional developers, investors and end-users,” said Anas Atatreh, vice chairman of the board, Bonyan International Investment Group.

'Through the ‘Eye of Ajman’, we are in a position to offer the best investment opportunities to customers who can acquire plots on a 100 per cent freehold basis through attractive payment terms.'

Bonyan has committed to develop the complete infrastructure within the ‘Eye of Ajman’ project by 2010.-TradeArabia News Service