The Midas Executive Tower will be built in Marmooka City and is valued at AED225m ($61m). It has been designed by the local Adnan Saffarini.

The developer, which has offices in US and UK, is set to undertake a further six projects this year as part of plans to increase the value of its portfolio to AED1.5bn by 2009.

It is the latest in a number of significant projects in Ajman. In March, Singapore's Tri Union Builders was awarded an AED400m contract to build a 70-storey tower, which will be the emirate’s tallest building when completed.

In 2007, Egypt's Al-Zamelek Contracting was awarded the AED1.4bn contract to build the Ajman-1 development on Ajman corniche. Other plans being prepared include the Ajman marina (MEED 13:3:08).