Saturday, February 09, 2008

Rakaa forays into UAE property market with Dh.1bn project in Abu Dhabi

The real estate branch of a Saudi Arabian conglomerate, Rakaa Properties, has announced a Dh.1billion project, at Reem Island in Abu Dhabi.

The project, comprising three towers, two of which are residential towers and one commercial, will be developed for mixed-use. The average introductory price of the units is Dh.1550 per square foot. This freehold development is expected to be delivered towards end of 2010.
Dynasty tower

The COO of Rakaa Properties, Mahmoud Naji, when speaking during the Abu Dhabi Real Estate and Investment Show (IREIS) 2008, mentioned that the proposed towers, one of which is 'Falcon Crest', will have 139 units, while the other 'Dynasty' will have 125 units. The third tower, 'Marina tulip' will house 35 storeys, out of which 27 would be residential floors, and the rest eight floors will be commercial storeys. The construction is expected to begin soon.

This project in Abu Dhabi is Rakaa's maiden venture into UAE real estate business. At present, Rakaa has announced developments in Jordan and Saudi Arabia.

Falcon Crest
Established in 1990, Rakaa is a subsidiary of Rakaa Holding, and has developed a wide range of properties, that include, malls, residential apartments, office buildings, luxury villas, and farms and ranches in Saudi Arabia.

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