Ajman Bank is to launch a real estate management subsidiary as part of diversification and innovation efforts.

Skyrise Properties will offer property management, sales, leasing, brokerage, third party evaluations and facility management supervision, the bank said in a statement to Dubai Financial Market (DFM) on Friday.

It will be headed by Mohammed Al Shamsi, who has worked at the bank for nine years, most recently as head of digital banking and is a board member of Ajman government real estate company Aqaar.

Skyrise will focus on the bank’s existing real estate portfolio as well as external customers, and will operate as an autonomous entity, the statement said.

The bank’s CEO Mustafa Al Khalfawi said the independent structure will foster growth, innovation and responsiveness.

(Writing by Imogen Lillywhite; editing by Brinda Darasha)
(imogen.lillywhite@lseg.com)