Tuesday, May 01, 2007

Dh12bn worth local and international projects to be launched by RAK

Rakeen, the real estate development arm of the Ras Al Khaimah Government, will launch local and international projects worth Dh12 billion in the next three years, a top company executive said.

“We plan to launch new projects worth Dh7bn in Ras Al Khaimah, while we study Dh5bn worth of projects in the international markets such as Lebanon, India, Egypt, Jordan, Georgia and Iran,” Dr Khater Massaad, Chief Executive of Rakeen, said yesterday after announcing the launch of the Dh1.2bn Bab Al Bahr luxury resort on the 21-million square feet Al Marjan Island.

While Rakeen has already launched projects worth Dh7bn in the emirate, it is also studying details of six more mixed-use projects.

The Bab Al Bahr resort will be the first to be developed on Al Marjan Island. On completion in 2009, the resort will consist of a fourstar deluxe hotel, time-share apartments, freehold residential apartments, a shopping centre and an office tower, offering residents and investors 360-degree sea views and open private beach fronts.

A total of five residential buildings, with 710 residential freehold apartments, will be constructed with 110 studio apartments, 300 one-bedroom apartments, 220 twobedroom apartments and 90 three-bedroom apartments.

Bab Al Bahr will also have a 290-room four-star deluxe hotel, incorporating 120 timeshare apartments, in addition to a 25-storey Bab Al Bahr retail and office tower, which will offer retail shopping and office space under a free zone trade licence.

Al Marjan Island is a cluster of five coral-shaped islands extending over 2.7 million square metres. Land reclamation is planned to finish by the end of this year, while development completion is planned for June 2009.

The total development cost of the island was $1.8bn (Dh6.61bn), he added.

The project in Esfahan, Iran, due for completion in 2010, will have a shopping mall, a seven-star luxury hotel, office and residential tower, a three-star hotel and an exhibition centre.

Rakeen is not averse to entering the booming Indian real estate sector.

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