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RAK firm will double value of its projects to Dh30b

RAK Properties said yesterday it plans to more than double the value of projects in its portfolio to Dh30 billion within five years as the Ras Al Khaimah developer pushes ahead with its expansion plans.

  • By Shakir Husain, Staff Reporter
  • Published: 23:06 October 16, 2007
  • Gulf News

Dubai: RAK Properties said yesterday it plans to more than double the value of projects in its portfolio to Dh30 billion within five years as the Ras Al Khaimah developer pushes ahead with its expansion plans.

The company yesterday unveiled its Dh300-million RAK Tower project in Abu Dhabi.

The 43-storey tower will comprise residential and commercial space in Marina Square of Al Reem Island.
The company's biggest undertaking so far is Ras Al Khaimah's Dh10 billion Mina Al Arab, which was launched last year and covers 30 million square feet.

Mohammad Sultan Al Qadi, managing director of RAK Properties, told Gulf News the total value of current developments is Dh12 billion.

"Our aim is to have a project value of Dh30 billion by 2012," he said.

Among the company's upcoming property developments is a residential project in the new airport and logistics city in Jebel Ali.

Al Qadi said several new ventures are planned in foreign markets like India, Sudan, Egypt, Tanzania and Georgia.
In Georgia, the company has acquired land to develop mixed-use property projects and a hotel in partnership with two joint venture partners.

Opportunities

"We are still looking for opportunities in Egypt, Sudan and Tanzania. In India we will soon have a project with a local partner," Al Qadi said.

RAK Properties hopes to launch a mountain resort in the Masafi area of Ras Al Khaimah next year.

Al Qadi said the company's hotel projects will have a big impact on the emirate's hotel sector.

Eleven hotels are planned within Mina Al Arab, which is being developed in phases until 2011.

"We are creating 4,000 rooms that will completely change Ras Al Khaimah's tourism," he said.

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