Business | Property
New real estate company formed in Ras Al Khaimah
A new private joint stock company has been established in Ras Al Khaimah (RAK) to take advantage of its fast growing real estate and property development sectors.
- Staff Report
- Published: 00:00 August 13, 2006
Ras Al Khaimah: A new private joint stock company has been established in Ras Al Khaimah (RAK) to take advantage of its fast growing real estate and property development sectors.
Head-quartered at Al Jazeera Al Hamra, Rakeen Development will have an authorised capital of Dh3 billion.
RAK's property sector has seen huge growth in the last two years with the launch of mega projects such Al Hamra Village and Mina Al Arab.
Dr. Khater Massaad, adviser to the RAK Crown Prince and CEO of RAK Investment Authority, said the Rakeen launch is part of the government's overall economic plan.
"The setting up of the new venture is part of the development strategy being implemented by the government of Ras Al Khaimah to build a diverse economy that enjoys strong, sustainable growth by attracting investments," he said.
Massaad, who heads the company's board, said that the new company was established following the directives of Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.
The company will focus on property development in tourism, residential, commercial and industrial sectors, including the Al Marjan Island development a 21 million square feet mega property development consisting of a resort and commercial and residential developments.
Massaad said Rakeen Development will also develop an exhibition and convention centre that will be supported by 3,000 to 4,000 hotel rooms in the form of business hotels. They will be situated in a sprawling complex along the Emirates Highway as part of the proposed Gateway City.
Rakeen officials added that several projects with good expected returns in various overseas markets were already under consideration by the company.
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