Ajman is one of the seven emirates that now form the United Arab Emirates. Ajman joined the UAE in 1971. The main body of the territory of Ajman is just north of Dubai - and is now a suburb of that bizarre city.
In 1963, when Ajman was still an independant emirate, Britain gave up control of the Trucial States' postal system. In 1964 an American philatelist called Finbar Kenny signed a contract to produce postage stamps for Ajman. Finbar Kenny produced a seemingly endless series of stamps unrelated in any way to Ajman, and aimed solidly at western stamp collectors. Amongst these series were several devoted to cyclists.
It is sobering to realise that the Emir of Ajman got involved with this nutty scheme because, in the 1960s, the Emirate was desperately poor, and needed any income it could lay its hands on.