Tuesday, June 10, 2008

Rakeen's Dh.15billion Dana Island launched in RAK

Dana Island in RAK
Rakeen, the property developer and real estate arm of Ras Al Khaimah government, has launched a Dh.15billion mixed-use island around the shoreline to the Ras Al Khaimah coast. The island is expected to add about 53kms to the Ras Al Khaimah shoreline, and stretches seven kilometers into the Arabian Gulf.

Dana Island, which measures five kilometers by six kilometers, will include
three main islands, and ten leaf-shaped islands. The island will have the
capacity to accommodate several world-class hotels, commercial and residential
complexes. It will include a theme park, the construction of which is already in
progress. The park would cover about 400,000 square meters and will be open in
another two years.

The island will be completed in two phases, and will cater to a population of 40,00. According to Massad, the Chairman of Rakeen Board of Directors and Chief Executive Officer of Ras Al Khaimah Investment Authority (Rakia), Ras Al Khaimah has good demand and investment potential and has witnessed a growth of 14 percent per year.

"Dana Island is likely to be the most sought-after multipurpose developments in the UAE. Rakeen has adopted the most sophisticated construction technologies so as to ensure that Dana Island will preserve the marine environment. As Ras Al Khaimah continues to gain prominence as the preferred holiday and business destination in the region, we believe that Dana Island will add considerable value to the global appeal of the emirate," said Wahid Atta Alla, a member of Rakeen Board.

With a current portfolio of Dh.5billion, the other projects of Rakeen at Ras Al Khaimah are the Al Marjan Island, RAK Financial City, Gateway City and the Banyan Tree Resort. Rakeen also plans to develop projects in Esfahan in Iran, and also at Tbilisi Uptown and Tbilisi Heights in Georgia.

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