RAK Properties enters into a strategic agreement with Choithrams to develop two retail outlets in Mina Al Arab and Julfar Towers
- United Arab Emirates: Monday, September 10 - 2012 at 15:28
- PRESS RELEASE
RAK Properties, Ras Al Khaimah's biggest property developer listed on Abu Dhabi Stock Exchange, has entered into a strategic agreement with Choithrams, a leading retail company to develop two flagship retail outlets in Mina Al Arab and Julfar Towers.
The shopping outlet in Mina Al Arab will cover an area of 7064 sq.ft while the Julfar Towers outlet will exceed 8567 sq.ft. Both outlets will energise the shopping and retail industries in Northern Emirates.
The development of both retail outlets will be completed in the first quarter of year 2013 which goes along with RAK Properties strategy to enhance and provide more value to its real estate projects. Both projects will also cater to the need for large retail services in the Emirate of Ras Al Khaimah with the rapidly increasing number of residents in Mina Al Arab and Julfar Towers projects in the Emirate.
Mohamed Sultan Al Qadi, MD & CEO of RAK Properties said: "We at RAK Properties choose our strategic partners with due diligence. We have chosen Choithrams to develop these two retail outlets for its track record in the retail industry in the UAE for it has been serving the UAE market for three decades. Both outlets will be delivered in the first quarter of 2013 and they will be equipped with best retail solutions as part of our firm commitment to offer best qualitative services to our customers."
Mr. V.L.Pamnani, Partner, Choithrams added: "We take pride in this strategic partnership with one of the leading real estate development companies not only in the UAE but also in the region. This partnership aims at expanding our business in the Northern Emirates that is witnessing an exponential growth. We will be based in Julfar Towers and Mina Al Arab to serve both projects as well as the wider community of Ras Al Khaimah and Northern Emirates."
Choithrams in Mina Al Arab and Julfar Towers will offer a wide range of products and fresh food as well as a food court to serve the neighborhood.
Choithrams opened its first supermarket in the UAE in 1974 and since then has extended its operation to Bahrain, Qatar and Oman with its vision of being a leading fresh retailer in the GCC. Today, the company operates more than 48 retail units across the GCC having 27 stores in the UAE while it plans to open 32 stores in the next 2 years.
With panoramic view of pristine beaches, Mina Al Arab provides world class living environment suitable for healthy lifestyle with jogging tracks, swimming pool, tennis courts, children's play area and ample open area to feel nature's freshness.
Julfar Towers is the tallest and most luxurious structure in Ras Al Khaimah offering top of the range facilities and amenities. Julfar Towers has been built over a three-storey podium that provides retail and food outlets with stunning water views.
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