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MEEF - Middle East Engineering Projects News & Releases

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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 development projects.

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 residential developments.

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.

 
 
 

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