Dubai: Property developer and real estate arm of Ras Al Khaimah government, Rakeen on Sunday launched a Dh15 billion blueprint to develop a four million square metre, mixed-use island off Ras Al Khaimah.
Dana Island is set to add around 53 kilometres of shoreline to the Ras Al Khaimah coast. It will stretch seven kilometres into the Arabian Gulf and will be completed in two phases.
Khater Massad, chairman of the Rakeen board of directors and chief executive officer of Ras Al Khaimah Investment Authority (Rakia), said that the "construction value alone is Dh15 billion".
Massad said when completed, Dana Island will cater for around 40,000 people.
According to Massad, Ras Al Khaimah has a lot of demand and so has good investment potential.
Growth potential
"For the last four years, there has been a growth of 14 per cent per year in Ras Al Khaimah, so there is a big demand for accommodation," Massad said. Dana Island, measuring five kilometres by six kilometres, will be include three main islands and ten leaf-shaped islands.
Sand will be sourced offshore and rock materials taken from quarries in Ras Al Khaimah.
Wahid Atta Alla, member of the Rakeen board, said: "As Ras Al Khaimah steadily gains prominence as one of the region's preferred holiday and business destinations, we believe Dana Island will add significant value to the emirate's global appeal."
Dana island will also include a theme park. The construction of a water park is already underway.
"It will be opened in a year," said Massad. The park will be around 400,000 square metres and the whole park will be fully opened in two years.
Massad said Rakeen's current portfolio is around Dh5 billion. Other projects in Ras Al Khaimah include RAK financial city, Al Marjan island, Banyan Tree Resort and Gateway city.
Rakeen is also developing projects in Esfahan in Iran and also in Tbilisi Uptown and Tbilisi Heights in Georgia.
