Friday, June 15, 2007

Rakeen's global expansion plans

The Ras Al Khaimah (RAK) based property developer, Rakeen, is fast expanding itself in the Middle East, India, Africa, Europe and the CIS, report Gulf news.

The Chief Operating Officer of Rakeen, Imad Haffar said "Currently we have nine projects that are in various stages of development in RAK, and we are also present in eight other countries including India, Georgia, Iran, Azerbaijan, and Ukraine. In addition, we are seriously considering Europe and Central Africa for further expansions."

The domestic portfolio of Rakeen comprises The Gateway, Al Marjan Islands, RAK offshore, Jabal Al Jais, Al Hamra Amenity Center, Banyan Tree Resort.

Al Marjan Islands is the first man-made island project that will be developed in RAK. It comprises a group of five islands which extend more than 2.7 million sq. mts., worth $1.8 billion. The project is expected to be ready by mid-2009.

The latest to join Rakeen's domestic portfolio of projects is the RAK offshore, a functional and modern complex, which comprises of 12 futuristic towers. The new project is expected to be the new hub for offshore financial operations for regional business community.

Rakeen has floated a joint venture property 'Rakindia' in India, with a paid-up capital of $120million.

Haffar said "Currently we have three projects under development in Chennai, Vaizag and Coimbatore. Shortly, we will have some in Bangalore. India is the most happening place, and we are looking to expand there."

Rakeen has already formed a $130 million joint venture, Prestige Land Iran, at Iran. Currently the company is developing a 190,000 Sq.mts shopping mall, and an office tower, and is planning to develop residential buildings and townships.

In Georgia, Rakeen has multi-use projects that are in various stages of development. In Africa, Rakeen is exploring a business potential at Congo, while in Europe, Bulgaria and Italy are two immediate targets.

Hafar mentioned "We are very eager about our expansion plans. Rakeen, which was launched eleven months ago, with a capital of Dh.400 million and asset base of Dh.4 billion, now the assets have more than doubled."

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