Business | Property
Aakar unit to develop hotel on RAK islands
Aakar Developers, a leading Canadian real estate and property developer, plans to develop a five-star hotel and residential apartments complex in Ras Al Khaimah.
- Staff Report
- Published: 00:45 February 14, 2008
Dubai: Aakar Developers, a leading Canadian real estate and property developer, plans to develop a five-star hotel and residential apartments complex in Ras Al Khaimah.
The company has partnered with Kayi Construction, a Turkish-based dev-elopment and construction company, and Taranjit Sahni to form a new company, Aakar Marjan Island.
Aakar Marjan Island will invest Dh600 million to develop the project on Al Marjan Islands.
The company has signed a strategic agreement with the island's developer Rakeen and is currently holding talks with internationally reputed hotel operators for the management of the project, which will be officially launched in the first quarter of 2008.
The project will occupy a five-acre plot on the largest island of the Al Marjan Islands development.
Targeted for completion in 2010, the ultra-exclusive project is in close proximity to the Ras Al Khaimah Airport and Dubai International Airport as well as the RAK Free Zone, allowing investors an opportunity to combine business and leisure.
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