Thursday, May 08, 2008

Rakeen rolls out development worth Dh 110bn at Ras Al Khaimah

Rakeen township in Ras Al Khaima
A property developer, Rakeen, owned by the Ras Al Khaimah Government, is soon likely to launch a Dh.110 billion master-planned development in the northernmost emirate of UAE, reports Gulf News.

The Chief Operating Officer of Rakeen, Dr. Imad Haffar, when speaking to Gulf News, revealed that on completion the integrated township community would accommodate a population of 120,000 to 150,000n people. The land value of the project is estimated to be about $6 to $7bn, and Rakeen is investing about $1bn to $2bn in its infrastructure.

Rakeen has also rolled out numerous other projects at Ras Al Khaimah (RAK), which is likely to help the government in materializing their economic growth plan and also helps in raising the standard of the emirate to a major tourism destination in the region.

Among the recent projects unveiled by Rakeen at RAK are the Bab Al Bahr and the Al Marjan Island, a $1.8bn mixed-use development to be built on a patch of reclaimed island on the Arabian Gulf.

In the meanwhile, Rakeen has unveiled a Dh.1.4bn RAK Convention and Exhibition Center, spread across 50,000 square meters of rentable area, and include five exhibition halls with a seating capacity of about 400 to 600 in each hall. It also includes three hotels with 750 keys, and a green park, all located between three towers - 62 storeyed 'The Tower' (5star), 12 storeyed 'The Oasis' tower, and 12 storeyed 'The Expo' (3 star) tower, apart from three storey shopping mall, food courts, seven cinemas, restaurants and cafes.

This mixed-use project will have an iconic look with superior high-quality finish using technologically advanced ceramics, developed by RAK ceramics.

"The RAK Convention and Exhibition Center will be the best of its kind in the region, and will be more than just a place of function. It will be an outstanding architectural masterpiece designed meticulously permitting future expansion," said Dr. Imad.

Established in April 2006, with an authorized capital of Dh.4mn, Rakeen has emerged to be the leading land master planner and developer, and has numerous high-profile local and international projects that are currently in progress.

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