Rakeen takes over as custodian of USD 800 million La Hoya Bay project to the relief of some 800 investors

RAK Court appoints Rakeen as judicial custodian of Khoie Properties

Rakeen takes over as custodian of USD 800 million La Hoya Bay project to the relief of some 800 investors

September 2, 2009
Rakeen, one of the region's most dynamic property developers and master planners, has recently been appointed as judicial custodian of Khoie Properties following a recent ruling by the Ras Al Khaimah Court. Khoie Properties had become insolvent, defaulted on land payments and failed to deliver on its promise to buyers of units in La Hoya Bay, its main project in Ras Al Khaimah, prompting the Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, to appeal to the court requesting that Khoie Properties be brought under judicial custodianship until the completion of La Hoya Bay by a competent real estate developer to ensure that the rights of investors are protected.

Rakeen, which is the development arm of RAKIA, will subsequently take over as the judicial custodian of Khoie Properties until the completion of La Hoya Bay, a USD 800 million waterfront residential and leisure complex on Ras Al Khaimah's Al Marjan Island, to the relief of some 800 investors. The investors, including around 400 from the UK, had already made a 30 per cent initial payment to Khoie Properties, which failed to keep its promise. Rakeen stated that it will protect the rights of the investors, which means that those who have made the 30 per cent down payment will only be required to pay the remaining 70 per cent. Furthermore, 50 per cent of the balance will be paid in five instalments of 10 per cent each, with 20 per cent to be paid upon handover.

Dr. Khater Massaad, CEO of RAKIA, said, "The RAK Court's decision to appoint Rakeen as custodian of Khoie Properties is a significant step that promotes and protects the welfare of investors and property buyers in Ras Al Khaimah. Furthermore, La Hoya Bay is a high-priority project as it is one of the key components of the first phase of developments on Al Marjan Island. With so much at stake, we believe that keeping this project on track will further consolidate the reputation of Ras Al Khaimah and highlight the local government's proactive support to all investors."

Wahid Attalla, Executive Director, Rakeen, said, "In light of the events that have transpired, our top priority right now is to reassure investors and protect their investments. As such, Rakeen has opened an escrow account as part of measures to promote transparency, and we are committed to complete the La Hoya Bay project and deliver it to the buyers. This will give investors peace of mind as they don't have to worry about the 30 per cent payment they have earlier made to Khoie Properties; Rakeen will only be asking them to pay the remaining 70 per cent in an easy instalment program."

La Hoya Bay Residence comprises seven residential towers and over 1,400 residential apartments along with three swimming pools, tennis courts, restaurants and shopping facilities nested between white sand beaches and lush green landscapes. The Mediterranean-inspired La Hoya Bay Business Village offers freehold office spaces with free-zone licences.

Rakeen to commence Phase Two of infrastructure work on Al Marjan Island in August 2009

Rakeen to commence Phase Two of infrastructure work on Al Marjan Island in August 2009

Contract awarded to Rizzani to complete AED 365 million infrastructure project in 18 months

July 2, 2009
Rakeen, one of the region's most dynamic property developers and master planners, announced that it is all set to commence in August this year Phase Two of the infrastructure work on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah, after awarding the contract to Rizzani. Rakeen further revealed that Phase Two of infrastructural work, which will be completed in 18 months, will cover Island 3 and Island 4 of Al Marjan and will cost AED 365 million.

The infrastructure work will cover facilities for electricity, water, drainage, telecommunications, soft and hard landscaping, channel crossings, street lighting and fire fighting installations. Phase One of the infrastructure work, which covers the Peninsula, Island 1 and Island 2, was started in July 2008 and is expected to be completed in June 2010 at a cost of AED 366 million.

Dr. Fawzi Shadid, Infrastructure Manager, Rakeen, said: "It is our top priority to fast-track the completion of infrastructure work as various projects that are being built on Al Marjan are dependant on the infrastructure facilities. With Phase One of the infrastructure work progressing well on schedule, we are now fully prepared to commence work on the second phase after we identified the Contractor for the job. We have thoroughly reviewed all aspects of the infrastructure work to ensure that all elements comply with our strict quality standards, particularly with regards to sustainability and minimal environmental impact. Rakeen has addressed all relevant construction issues to ensure that Al Marjan Island will be a true lifestyle haven for citizens and residents of Ras Al Khaimah."

Herbert Krause, Director of Development, Rakeen, said, “This project means a lot to everyone at Rakeen and in Ras Al Khaimah, as it is pioneering in so many ways: building technology, environment and marine ecology, tourism and hospitality, residential exclusivity, leisure and sports facilities, and also because it enhances the skyline and the international image of the emirate.”

Al Marjan Island is a pioneering development project that effectively extends the emirate's coastline by an additional 21 kilometres. Reaching some 4.5 kilometres into the sea, Al Marjan Island will feature a range of residential developments, hotels, resorts, recreational facilities and commercial and retail amenities.

Rakeen reaches two storeys in construction of residential buildings of Bab Al Bahr

Rakeen reaches two storeys in construction of residential buildings of Bab Al Bahr

Superstructural work progressing as scheduled while amount of concrete poured daily now increased to 2,000 cubic metres

May 28, 2009
Rakeen, one of the region's most dynamic property developers and master planners, has announced that it has reached two storeys in the construction of residential buildings of the AED 1 billion Bab Al Bahr project, the centrepiece development of the Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah. Rakeen has further revealed that it continues to progress smoothly with superstructural work as the project stays well within schedule of the planned mid 2010 completion of the first residential units.

Rakeen disclosed that ground floor and first floor slabs are likewise progressing well. Steel reinforcement works, and concrete pouring and casting have remained in full speed, with the amount of concrete being poured increasing by the week up to, at times, 2,000 cubic metres per day.

Herbert Krause, Director of Development, Rakeen said: "On-site progress of the Bab Al Bahr project is ongoing as scheduled. Rakeen is working closely with all the consultants and the construction teams to ensure timely completion and handover as all of us are aware of the importance of this signature project of Al Marjan Island."

"Moreover, in these times of global economic challenges, the proper handling of this project will send out the right message to investors and the public and boost their confidence in the strength and resiliency of the Emirate and the strategic leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. We also warmly welcome investors and the public to contact our offices for further information or visit the site and personally witness the construction progress," added Krause.

Ghassan Youssef, Managing Director, Rakeen, said: "The management is firmly focused on completing this unprecedented development as we have pledged to honour our commitment to our customers. The successful completion of this project will not only benefit the investors, but on a bigger scale it will also contribute in sustaining the economic development and sustainability of Ras Al Khaimah. All parties involved in this project have performed remarkably well and we make sure that they have our full support. As a result of the excellent teamwork in the development of this project, Bab Al Bahr, on the peninsula of Al Marjan Island, has been recognised as one of the most sought-after developments in Ras Al Khaimah."

Upon completion, Bab Al Bahr will comprise 136 studio apartments, 356 one-bedroom apartments, 236 two-bedroom apartments and 104 three-bedroom apartments. Among the luxurious amenities being offered by the integrated development are 180-degree sea view, 560-metre private beach, gym facilities, underground car parking, themed swimming pool, ample children's play areas, and hotel and club privileges.

Bab Al Bahr is the inaugural development project on Al Marjan Island and serves as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for additional prestigious development projects on Al Marjan Island.

Rakeen signs mortgage financing agreement with Bank of Baroda for Bab Al Bahr project

Rakeen signs mortgage financing agreement with Bank of Baroda for Bab Al Bahr project

Financing facility targets investors and end-users of the groundbreaking mixed-use project on Ras Al Khaimah's Al Marjan Island development

April 15, 2009
Rakeen, one of the region's most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government, has announced that it has expanded the mortgage financing facility of the Bab Al Bahr project after it recently signed an agreement with Bank of Baroda to offer mortgage financing to investors and property buyers of the groundbreaking development. Rakeen also announced that the company's Finance Department has set up a dedicated team to assist customers with the financing program.

Serving as the inaugural development and the gateway to Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah, Bab Al Bahr is a mixed-use development comprising six residential buildings, a mall and office tower, and a hotel. Upon completion, Bab Al Bahr offers end-users and investors a choice of 136 studio apartments, 356 one-bedroom apartments, 236 two-bedroom apartments and 104 three-bedroom apartments.

Anil Arora, Senior Director – Finance of Rakeen said: "Bab Al Bahr is an outstanding development that will help boost the living standards and enhance the value of Ras Al Khaimah as a major destination for business and home living. Construction is in full swing and progressing according to plan. We strongly believe that this project will be a major attraction among investors and end-users, thus we are very happy to further extend the mortgage financing facility of the project through our partnership with Bank of Baroda. This new agreement will enable us to provide even better services to our customers and serves as a new milestone for the project, which will further drive Bab Al Bahr's business prospects and boost investor confidence."

Ghassan Youssef, Managing Director of Rakeen added: “This partnership with Bank of Baroda is an important step in line with our company's vision. We consider and treat our clients as partners, which is why we continuously provide them with invaluable support.”

Rakeen's new mortgage financing agreement with Bank of Baroda for the Bab Al Bahr project is in addition to an existing financing partnership with Union National Bank. Rakeen also revealed that the new mortgage financing deal is part of its strategy to increase access points for investors and property buyers to avail of the excellent offerings of the Bab Al Bahr development.

Rakeen has disclosed that construction of Bab Al Bahr is in full swing with the first six residential buildings (a total of 1,200,000 sq ft) scheduled for completion in mid 2010. Among the luxurious amenities being offered by the integrated development are 180-degree sea view, 560-metre private beach, gym facilities, underground car parking, themed swimming pool, ample children's play area, and hotel and club privileges.

Reclamation work on Al Marjan Island was recently completed, effectively expanding Ras Al Khaimah's coastline by an additional 21 kilometres. The pioneering development, which extends some 4.5 kilometres into the sea, will feature a range of residential developments, hotels, resorts, recreational facilities and commercial and retail amenities.

Al Marjan Island is one of the upscale development projects undertaken by Rakeen, whose portfolio also includes the RAK Offshore City, Gateway City, RAK Convention Centre, Banyan Tree Resort and Dana Island.

Rakeen completes piling and cut-off works of key building projects within Bab Al Bahr as superstructure work gets underway

Rakeen completes piling and cut-off works of key building projects within Bab Al Bahr as superstructure work gets underway

Over 5,000 cubic metres of concrete being poured weekly in various sections of the project as Rakeen stays on track with construction schedule

April 9, 2009
Rakeen, one of the region's most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government has announced that it has completed piling, cut-off and pile testing works and started super structural works of the building projects within the AED 1 billion Bab Al Bahr project, the centrepiece development of the Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah. Rakeen further revealed in its monthly status report that an impressive 5,000 cubic metres of concrete is being poured every week in various sections of the development, keeping the project well within schedule, particularly for its planned mid 2010 completion of the first residential units.

For the Fayrouz, Kahraman and Yakout buildings, erection of the structural columns and shear walls of the basement has been almost completed. One further milestone in the super structural work of these buildings is the considerable progress of the basement ceiling. Rakeen has likewise completed piling and pile testing works of the Marmar, Amwaj and Zumourud buildings with slab on grade and water proofing works for footing in progress.

Hicham Yassin, Technical Director of Spectrum Consultants, the Owners Representatives for Bab Al Bahr, said, “We are pleased with the construction progress at the Bab Al Bahr project thus far. In the residential buildings of the project, 22 per cent progress has been achieved, which is a major milestone.”

Rabih Haydar, Project Manager, Rakeen, said, “Overall project works are progressing as scheduled and we are confident that Bab Al Bahr residents will be able to occupy their apartments as promised. Rakeen has remained fully committed to achieve its targets and construction deadlines as we firmly believe that consistency will greatly contribute in strengthening investor confidence in the Bab Al Bahr project. We also enjoy the full support of the Ras Al Khaimah Government, which has significantly helped enhance the reputation of Bab Al Bahr as a groundbreaking development within the emirate and beyond. Rakeen will continue to adhere to our core values of sustainability, responsibility and prosperity as we move closer towards completing this historic development in Ras Al Khaimah."

As part of its efforts to provide timely information to investors and project stakeholders, Rakeen has issued monthly status reports that include pictures of the Bab Al Bahr development. The latest issue in March shows significant improvements in the structural, internal and external walls, while work on slabs and steel fixings are also underway.

Rakeen has encouraged all interested parties to visit the construction site by setting up an appointment at the newly established Sales Centre located on Al Marjan Island, adjacent to the Bab Al Bahr project. The Sales Centre is equipped with offices and a multi-function room where investors and property buyers can discuss various options in acquiring properties within Bab Al Bahr. The Sales Centre also showcases model units of one and two-bedroom apartments, providing clients an exclusive opportunity to sample the distinctly rich lifestyle of Bab Al Bahr.

Upon completion, Bab Al Bahr will comprise 136 studio apartments, 356 one-bedroom apartments, 236 two-bedroom apartments and 104 three-bedroom apartments. Among the luxurious amenities being offered by the integrated development are 180-degree sea view, 560-metre private beach, gym facilities, underground car parking, themed swimming pool, ample children's play area, and hotel and club privileges.

Bab Al Bahr is the inaugural development project within Al Marjan Island and serves as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for other prestigious development projects on Al Marjan Island.

Rakeen completes reclamation of USD 1 billion Al Marjan Island development in Ras Al Khaimah

Rakeen completes reclamation of USD 1 billion Al Marjan Island development in Ras Al Khaimah

Infrastructure work in full swing for water, electricity, district cooling, sewerage, telecom, roads, channel crossing and street lighting facilities

April 6, 2009
Rakeen, one of the region's most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government, has announced that it has recently completed reclamation work of the USD 1 billion Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah, effectively expanding the emirate's coastline by an additional 21 kilometres. Rakeen has also revealed that infrastructure work for Phase One of the 2.7 million square metre project is underway, covering water, electricity, district cooling, sewerage, storm water service drainage, telecommunication, roads, channel crossings and street lighting facilities.

Phase One of the infrastructure works comprises the Peninsula, Island No.1 and Island No.2 of the four-island cluster project. Rakeen is responsible for the reclamation and infrastructure works of Al Marjan Island and is also developing Bab Al Bahr, the island's inaugural development project that will serve as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for other prestigious development projects on Al Marjan Island.

Dr. Fawzi Shadid, Infrastructure and Project Director at Rakeen said: “In line with the vision of H.H. Sheikh Saud bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, Rakeen has embraced the core values of sustainability, responsibility and prosperity in developing Al Marjan Island as an attractive, sustainable and eco-friendly community. We have maintained the highest standards in all aspects of the project, and have adopted modern technology and pro-environment techniques that will distinguish Al Marjan Island as an environmentally friendly business and residential destination in the region. Moreover, our commitment to protect the interests of investors and stakeholders of the project is clearly manifested by Rakeen's timely completion of the project's reclamation work."

Rakeen completed the reclamation work of the entire Al Marjan Island after finalising the sand filling and rock work of Island No.3 in January 2009. Reclamation works of Island No.2 and Island No.4 were completed in 2008. When Rakeen took over as master developer of Al Marjan Island from the Public Works Department in May 2007, the Peninsula, Island No.1 and about 40 per cent of Island No.2 had been reclaimed.

The beach formation for Islands No. 3 and 4 has been completed as part of the dredging contract. For the Peninsula and the Islands No. 1 and 2 the beach formation will be performed at a later stage and after construction of most of the developments on these islands.

Rakeen has adopted the latest advanced technologies in the rock installation work such as the 3D modelling system and the Differential Global Positioning System (DGPS).

Rakeen also revealed that construction of Bab Al Bahr is in full swing with the first residential buildings scheduled for handover in mid 2010. Bab Al Bahr is a mixed-use development comprising six residential buildings, an office and mall tower and a hotel. Other developments on Al Marjan Island are also underway such as the Pacific by Select Group and the Marbella Bay by Manazel.

Extending some 4.5 kilometres into the sea, Al Marjan Island will feature a range of residential developments, hotels, resorts, recreational facilities and commercial & retail amenities. Al Marjan Island is one of various upscale development projects undertaken by Rakeen, whose portfolio also includes Bab Al Bahr, Banyan Tree Resort, the RAK Offshore City, Gateway City, RAK Convention Centre, Banyan Tree Resort and Dana Island.