As Vietnam emerges as an increasingly attractive destination for international investors, we had the opportunity to conduct an exclusive interview with H.E. Ismail Al Naqi, Director General of the Free Zones Authority of Ajman. A seasoned leader in economic development, Mr. Naqi shared the strategic insights that helped Ajman rise to prominence and offers a unique perspective on Vietnam’s growth trajectory and potential.
Vietnam’s economic trajectory, particularly in Ho Chi Minh City, is positioning it to become a hub for FDI and high-net-worth investors (HNWIs). From the UAE’s viewpoint, how do you perceive this economic transformation?
H.E. Ismail Al Naqi: Vietnam has long been part of the UAE’s strategic cooperation agenda. A clear testament to this is the Comprehensive Economic Partnership Agreement (CEPA) signed between our two nations late last year, a swift and decisive step in bilateral cooperation. The impact is already tangible: bilateral trade now stands at approximately USD5.5 billion and is expected to double over the next decade. Prime Minister Phạm Minh Chính’s recent visit to the UAE further solidifies the strong relationship between our countries. Personally, I am highly impressed by Vietnam. It is a dynamic nation undergoing a remarkable transformation, with numerous promising development initiatives underway.
The Ajman Free Zone has significantly driven economic growth in Ajman and the UAE by attracting global investors, FDI, and diversifying the economy. What lessons from Ajman’s model could Vietnam adopt to achieve similar success?
H.E. Ismail Al Naqi: Our approach in the UAE, particularly in Ajman is rooted in simplicity. We try to keep things simple yet effective. Our guiding principle is straightforward: “Whatever is good for business is good for the UAE.” This mindset allows us to create a highly agile operating environment, where decisions are made quickly, leadership is accessible, and communication between government representatives and leadership is seamless, and communication with the public is also highly effective.
Like Vietnam, the UAE is a young nation that has transformed from a fishing village into a global economic power. A key success factor is our deep understanding of investor psychology, particularly the global investor’s strong aversion to risk. That’s why ensuring safety and security is a top priority across all our development policies, something we’re very proud of. For example, in Dubai, the KPI for police response time is four minutes from the moment a crime is reported.
We are also a forward-looking country, especially in the field of artificial intelligence (AI). In 2017, the UAE became the first country in the world to establish a Ministry of AI. Perhaps the most valuable lesson I can draw from our developmental journey is this: when national development goals are embraced at all levels – from top leadership to every citizen – and everyone believes in the same principle, you create a truly successful model.
In the UAE, Dubai has set a global benchmark for luxury and branded real estate. What key factors have driven this success, and how could emerging markets like Vietnam adapt these strategies to attract HNWIs?
H.E. Ismail Al Naqi: In Dubai, our approach to real estate focuses on creating real, lasting value, not merely constructing buildings. We aim to design meaningful living experiences that contribute to a cohesive and vibrant community. Each development connects to the broader urban ecosystem rather than standing alone. In Ajman, our 2030 vision is to build a “15-minute city”, where all essential services such as schools, hospitals, pharmacies, entertainment, and public spaces are all within a 15-minute walking distance. Achieving this requires a complete re-engineering and re-urbanization of the city.
I am particularly impressed by the approach of the Vietnamese developer Masterise Homes. Their developments demonstrate a strong sense of purpose, not only delivering high-quality luxury real estate, but also aiming to create value for the economy and address unmet needs in the market. This kind of contribution plays a meaningful role in shaping Ho Chi Minh City’s modern identity. And that, to me, is the definition of success.
You have visited Grand Marina, Saigon, the world’s largest Marriott-branded residential project. How do you believe such developments can enhance Vietnam’s global standing in the international luxury real estate market and attract foreign investors and buyers?
H.E. Ismail Al Naqi: What Masterise Homes is doing in Vietnam is truly impressive. Grand Marina, Saigon is not only the world’s largest branded residential development under both the Marriott and JW Marriott brands, but also a project that revives the soul of its location. Here, historical values and local cultural identity are carefully preserved and subtly embedded in the architecture, expressed through a compelling brand story that sets it apart, ensuring the project leaves a lasting impact not only in physical form, but also on an intellectual and emotional level. This philosophy closely aligns with the way ultra-luxury real estate is approached in the UAE and Dubai – where developments are not merely grand or lavish, but are designed to reflect cultural richness and to create long-term value for the community.
From what I have observed, Grand Marina, Saigon is being crafted in an exquisite manner, with the goal of delivering a living experience that evokes a sense of delight even before stepping inside.
With growing interest from Middle East investors, how do you see branded residences, such as Grand Marina, attracting HNWIs, particularly from the Middle East and contributing to this growth?
H.E. Ismail Al Naqi: Grand Marina, Saigon has a prime location in the heart of the city, generous green spaces and a relaxed land-to-building ratio, something I would describe not just as luxury, but as the ultimate living experience. Vietnam also holds strong potential due to its strategic geographic location, which makes it highly appealing to international investors, including those from the Middle East. UAE is already an investor in Vietnam. We have ownership stakes in several ports here and are a major aviation partner.
Based on your experience, what would be your recommendations for Vietnam to strengthen its global competitiveness?
H.E. Ismail Al Naqi: Vietnam has significant potential thanks to the strategic location. The UAE is already an investor in Vietnam. However, in today’s highly competitive global landscape, attracting investment requires innovative incentives that benefit both investors and the host country. The CEPA agreement between the UAE and Vietnam represents a promising economic corridor. Vietnam should capitalize on this advantage and intensify efforts in promoting tourism in a more structured way.
Furthermore, nurturing an entrepreneurial spirit – embracing risk-taking and learning from failure – is crucial. The government should continue to create favorable conditions for Vietnamese enterprises to expand globally.
The highlight of your visit was the flagship forum Vietnam – UAE Business Bridge: Unlocking Opportunities with Ajman Free Zone. What was the significance of this forum for both countries?
H.E. Ismail Al Naqi: This event served as a dynamic platform to foster trade, investment, and long-term collaboration. It was a pleasure to co-host the forum alongside Mr. Huỳnh Công Thắng, Chairman and CEO of InnoLab Asia. The forum spotlighted Ajman Free Zone as a high-potential gateway for Vietnamese enterprises aiming to expand globally, particularly into the Middle East and North Africa (MENA) region.
Looking ahead, how do you see these platforms supporting Vietnam’s ambition to attract strategic investment, particularly in luxury real estate?
H.E. Ismail Al Naqi: Forums like this are essential. They go beyond diplomatic engagement to create real, actionable connections between developers, investors, and key enablers from both sides. As Vietnam emerges as one of the top 10 global destinations for real estate investment, particularly in the luxury segment, strategic partnerships with hubs like Ajman Free Zone will be instrumental for Vietnamese businesses seeking international growth.
Thank you for your valuable insights.
