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Rakeen set to launch Dh110b development
Government-owned developer to invest $1b-$2b in integrated township community
- By Saifur Rahman, Business Editor
- Published: 00:36 May 7, 2008
Dubai: Rakeen, a Ras Al Khaimah government-owned developer, will soon launch a Dh110 billion ($30 billion) master-planned development in the UAE's northernmost emirate, Gulf News has learnt.
"When completed, it will be host to 120,000 to 150,000 people living and working in an integrated township community," Dr. Imad Haffar, chief operating officer of Rakeen, told Gulf News on Tuesday.
"The land value of the project itself will be about $6 to $7 billion and the project value is estimated to reach $30 billion."
He said Rakeen is investing between $1 to 2 billion in its infrastructure, he said.
Other projects
Rakeen has rolled out a number of projects in Ras Al Khaimah that will help the government to realise its economic growth plan and reposition the emirate as an important tourism destination in the region.
These include Bab Al Bahr and Al Marjan Island - a $1.8 billion mixed-use development to be built on a patch of reclaimed island on the Arabian Gulf.
Rakeen is 50 per cent owned by Ras Al Khaimah government, while the rest is being split equally between RAK Properties and RAK Airways.
"We will fund the projects through a combination of own resources and bank finance," he said.
Rakeen, meanwhile, unveiled a Dh1.4 billion ($400 million) RAK Convention & Exhibition Centre that will host 50,000 square metres of rentable area, five exhibition halls, each with between four and six hundred seating capacity, three hotels, each with 750 keys and with a green park located in between three towers including a 62-floor tower and a shopping mall consisting of three floors, seven cinemas and food courts, restaurants and cafes.
The mixed-use project will combine an iconic look with a superior high-tech finish, using technologically advanced ceramics that have been developed by RAK Ceramics, confirming the status of Ras Al Khaimah as the global capital of ceramics design, development and production.
"Our model provides an excellent visual insight into what will be a landmark for the emirate of Ras Al Khaimah, designed by renowned architects Snohetta International. The RAK Convention & Exhibition Centre will be the finest of its kind in the region, not just a place of function, but also an outstanding architectural masterpiece, designed meticulously, allowing for future expansion," he said.
"The entire structure of the RAK Convention & Exhibition Centre will be set directly onto the natural land contours, without any disturbance to the surroundings. We're keen to retain as much of the original area as possible, thus maintaining the majestic beauty of the sand dunes."
Translating as 'central pillar' or 'trustworthy support' in Arabic, Rakeen was established in April 2006 as the land master planner and developer.
With an authorised capital of Dh4 million, Rakeen has a number of high-profile local and international projects in progress.
When completed, it will be host to 120,000 to 150,000 people living and working in an integrated township community."
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