RAKEEN - AED 4.4 billion property developer based in Ras Al Khaimah to be launched

This was announced by senior officials from RAKEEN who were taking part in Cityscape 2006 - the region's premier property expo and conference. The new property developer - a private joint stock company, will have AED 4 billion in assets and AED 400 million in paid up capital.

The launch of RAKEEN will commence at Al Marjan Islands, Ras Al Khaimah by His Highness Sheikh Saud Bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah in the presence of senior government officials, on December 9, 2006. Also expected to attend the extravagant launch are prominent dignitaries and board members of RAK Airways, RAK properties and RAK Oil.

Announcing the launch dates, Dr Khater Massaad, Chairman, Board of Directors, and CEO RAKEEN said,

"RAKEEN will be a visionary developer and master planner committed to building sustainable projects in the emirate and beyond. Given the opportunities that the region in general and the emirate in particular has to offer to long term partners, RAKEEN will help create long term investment with superior returns."

RAKEEN will develop and manage some key projects in Ras Al Khaimah and overseas. Those projects in RAK include Al Marjan Islands, RAK offshore, The Gateway, Al Hamra Amenity Centre, Jabal Al Jais and Banyan Tree Resort. RAKEEN will also develop and manage projects in Italy Iran, India, Azerbaijan, Ukraine and Georgia.

Located 27 kms southwest of the town centre, Al Marjan Islands is the first man-made islands project to be developed in Ras Al Khaimah. The cluster of five islands extends over 2.7million square metres and is worth over USD 1.8 billion. Land reclamation is expected to finish by end of 2007.The complete project is expected to be ready by mid 2009.

RAK Offshore will be a modern and functional complex destined to become the new hub for the offshore financial operations of the regional business community. This USD 0.8 billion project will include uniquely designed towers which will house residential apartments, hotels, commercial areas and retail components.

The Gateway - an integrated commercial and residential development will be built in 5 phases and will be complete by 2012. The development will house 50,000 residents.