'Saraya Islands' project to start off in October

The Saraya Islands project, a joint initiative of the RAK Government, Saraya Holdings headed by Sheikh Saad Rafic Hariri and Arab Bank, will be a mega lifestyle development and tourism project that would cover an area of one million square metres.

Dr. Izzat Dajani, CEO of the Investment and Development Office (IDO) of the Government of Ras Al Khaimah said, "Saraya Islands will be built in an area of exceptional natural beauty along the RAK coastline and will have four five-star hotels, lavish residences including villas and lowrise appartments and a variety of shopping arcades, all set in a unique low density environment".

He told media persons that the island would be linked to the mainland by five bridges, one main bridge and four small bridges. Dr. Dajani added that the construction works would be completed in three years time.

He said that Saraya Islands would have state-of- the-art infrastructural facilities including an excellent road network, landscapping and public gardens and power and water networks.

"To preserve the area's natural beauty and for the convenience of the residents, the maximum height of the residential blocks would be limited from four to five storeys", he said.

Commenting on the role played by the Investment and Development Office (IDO) in the economic development of Ras Al Khaimah, Dr. Dajani said that IDO was focusing on four core sectors to accelerate the emirate's growth.

"The core areas that we would like to leverage for RAK's future growth are lifestyle development, industrial development and manufacturing, services sector and human resources development".

He said that Ras Al Khaimah, under the visionary leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler, was currently witnessing unprecedented economic growth which is expected to generate more than 40 thousand jobs in the next three to five years.

The industrial sector is also poised for huge growth with the recent establishment of several new companies like RAK Petroleum and the
opening of new industrial zones. "RAK Petroleum Company, established with a capital of AED 5 billion, will focus on exploration and
production of oil and gas globally, especially in African and Asian countries. The company is working on a number of projects in the
petrochemical sector as well", he added.

The services sector of the emirate, mainly education and health care, has also attracted major investments resulting in ambitious projects
like EDRAK company, an AED 1.5 billion educational initiative aimed to turn the emirate into a world- class educational hub.

Dr. Dajani said that the company would undertake three major projects in the first phase including setting up of the RAK campus of George Mason University of USA, creation of the RAK Medical and Health Sciences University and the setting up of the Al Hamra Academy, a unique boarding school in the whole of the region.

He said that the emirate has also been able to put in place an efficient legal and regulatory framework and cut down bureaucratic hurdles as part of its pro-investment developmental strategy.