New RAK firm to develop projects
Source: Trade Arabia
Posted: Sunday, August 13, 2006
Ras Al Khaimah
Ras Al Khaimah (RAK) has set up a new private joint stock company
with an authorised capital of Dh3 billion to take up property
The Rakeen development
will be headquartered at Al Jazeera Al Hamra.
Dr Khater Massaad,
adviser to the RAK Crown Prince and CEO of RAK Investment Authority,
was quoted by Gulf News as saying the Rakeen launch is part of the
government's overall economic plan.
Massaad, who heads the
company's board, said the company will focus on property development
in tourism, residential, commercial and industrial sectors,
including the Al Marjan Island development a 21 million sq ft mega
property development consisting of a resort and commercial and
Massaad said Rakeen
Development will also develop an exhibition and convention centre
that will be supported by 3,000 to 4,000 hotel rooms in the form of
business hotels. They will be situated in a sprawling complex along
the Emirates Highway as part of the proposed Gateway City.