Monday, August 20, 2007

RAK Island purchased by UAE nationals for Realty projects

An island in Ras Al Kaimah has been purchased by two UAE nationals to set up a real estate project, which is expected to be the first of its kind in the country.

The nationals purchased the Al Khayal or Fantasy Island for Dh.600 million, which will be later developed as a tourist site at a cost of Dh.8 billion.

The 22,000 square meters island, situated in Al Hamraa area of Ras Al Khaimah, was purchased by Ahmed bin Ali Al Abdullah (Executive Director- New Dubai Real Estate Development Company) and Abdullah bin Mohammed Al Shaibani (Executive Director – Amlak Al Medina Real Estate Company).

The two nationals purchased the island with an intention to set up realty firms, and have entered into partnerships with UAE property investors to develop the island.

Work on the island is expected to commence next year, and will be executed in four phases over a four-year period. The island will house 2,200 units, including flats and villas and commercial center.

Al Abdullah said, the natural island will be the focus for hotels, tourism, fishing and leisure activities. He said "The land has been offered by the government at a good price that would yield good returns, and we look forward for more governmental support for the completion of the project within the stipulated time. Most of our alliances include investors from Bahrain and Kuwait."

Al Abdullah mentioned that they have entered into an agreement with a local bank for management of the project investment, and that they plan to promote Ras Al Khaimah as a tourist destination.

As of now, sixty percent of the project is being planned to be put on sale, and on completion of the development, it will be sold in full.

The island will combine curved architectural and fishing design, and take the shape of a fisher's spear or an arrow used by UAE nationals in the past.

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