RAK sets up new real estate company RAKEEN Development

The new company will have an authorized capital of AED 3 billion.

Announcing the setting up of the new company, Dr. Khater Massaad, Advisor to the RAK Crown Prince and CEO of RAK Investment Authority, said that the company will be headquartered at Al Jazeera Al Hamra in Ras Al Khaimah.

Dr. Massaad, who heads the company's board, said,

'The seting 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, through attracting investments'.

He said that the company will be focusing on property development in tourism, residential, commercial and industrial sectors. Major projects undertaken by the company would include Al Marjan Island development, a mega property development involving building of a resort along with commercial and residential development spreading across an area of 21 million square feet.

RAKEEN Development is headed by a board of directors having considerable international exposure and proven track record in property development and related areas of business.

The company will also develop a 50,000 sq. metre Exhibition and Convention Centre which will be supported by 3000- 4000 hotel rooms in the form of business hotels that will come up in a sprawling complex along the Emirates Highway as part of the proposed Gateway City. The modular convention centre would be able to cater to 8000 people.

'The complex would also have a 50,000 sq. metre shopping mall and would house office complexes and apartments. The world- class conference and exhibition facilities would be easily accessible to those from other emirates as it is conveniently located near the RAK- UAQ border along the Emirates Highway, Dr. Massaad added.

The company would also undertake development projects in remote areas of Ras Al Khaimah to shore up the economic development of those areas.

Dr. Massaad said that RAKEEN Development would also be eyeing projects with good expected returns in the overseas markets and added that projects in various foreign countries are under consideration.

The property sector of Ras Al Khaimah has witnessed tremendous growth in the last two years and has been attracting considerable investor attention following the launch of mega projects like Al Hamra Village and Mina Al Arab.