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.

RAK Ceramics offers revolutionary range of thin-size tiles with launch of 'RAKSLIM'

RAK Ceramics offers revolutionary range of thin-size tiles with launch of 'RAKSLIM'

New brand of 4.5 mm tiles sets new industry standards in thickness, strength, flexibility and costs

August 20, 2009
RAK Ceramics, the world's largest ceramic manufacturer, has announced today (Thursday, August 20, 2009) the launch of "RAKSLIM," a new brand of 4.5-millimetre thick tile that sets a new industry benchmark in thickness, strength, cost and ease of use. The trend-setting product line will initially be offered in some models of Gres Porcellanato tiles, including the Lounge Series and the New Port Series.

RAKSLIM features a minimum breaking strength of 700 N and a minimum modulus of rupture of 40 N/mm2, which are unprecedented for thin-size tiles in the market. Furthermore, RAKSLIM cuts down almost half of the weight of conventional tiling, resulting in a significant reduction of dead load on building structures and subsequently reduced structure costs.

Dr. Khater Massaad, CEO, RAK Ceramics, said, "RAKSLIM represents a new technological milestone for RAK Ceramics, perfected after several months of trials, experiments and technical research. This new brand of thin-size tiles is the future of ceramic tiling, which will strengthen RAK Ceramics' reputation as a leading innovator and trendsetter in the global market. Moreover, RAKSLIM complements our extensive product range that focuses on variety, ready availability and durability, which translates into enhanced service and product value for our distributors, residential and commercial clients, and other customers."


RAKSLIM will initially be offered in 30x60-centimetre sizes, while RAK Ceramics will later on manufacture larger sizes and a wider range of models. With its remarkable thickness, RAKSLIM offers significant savings in transport costs as nearly twice as many RAKSLIM tiles can be shipped in a container compared with regular-size tiles.

RAKSLIM tiles are also easy to cut, drill, handle and install, and offer greater flexibility for usage in any existing flat surface at home or in commercial premises. The new tile brand is also ideal for renovation of existing floors as its thickness helps avoid costs of removal of existing floor coverings.

RAK Ceramics exports its innovative products and designs in ceramic tiles, Gres Porcellanato and sanitaryware to over 135 countries, targeting architects, project developers and retail customers. The company offers a perfect blend of technical finesse and aesthetics through 6,000 designs in ceramic tiles, Gres Porcellanato, and several models in sanitary ware.

Rakeen and RAKIA establish pioneering integrated investment package for foreign investors

Rakeen and RAKIA establish pioneering integrated investment package for foreign investors

RAK Business Invest inclusive of office space, residential unit, visa and other value-added business incentives

August 4, 2009
Rakeen, one of the region's most dynamic property developers and master planners, has recently announced that it has partnered with Ras Al Khaimah Investment Authority (RAKIA) to establish RAK Business Invest, a pioneering initiative that offers foreigners as well as UAE residents an unprecedented opportunity to invest in the UAE and own a luxurious residential unit through a single transaction.

RAK Business Invest is an all-in-one investment package inclusive of an office space, a residential unit, simplified visa processing procedures and a wide range of value-added business and lifestyle benefits. Overseas investors who avail of the package may choose from a selection of commercial amenities including furnished office space, commercial space, retail space, land, warehouse, cold storage or serviced apartments. They are also entitled to acquire well-appointed studio, one-bedroom, two-bedroom or three-bedroom beachfront residential units at Bab Al Bahr, the centrepiece development of Al Marjan Island, the first man-made island in Ras Al Khaimah.

Wahid Attalla, Executive Director, Rakeen, said, "We are creating a new and more attractive gateway for foreigners to expedite and gain greater value for their investment initiatives in the UAE. RAK Business Invest enables investors to enjoy a wide range of economic benefits as well as value-added incentives such as an integrated point of contact to facilitate both their commercial and residential requirements. This is truly a breakthrough joint initiative by Rakeen and RAKIA, as we are fully committed to continue to look for innovative solutions to promote and protect the interest of foreign investors in the emirate."

Jeremy Savory, Commercial Director, Rakeen, said, "Ras Al Khaimah has been gaining solid ground as a favourite destination of leading investor groups globally, and the RAK Business Invest initiative is another important step that will help further cultivate strong bilateral relations with these countries. RAK Business Invest targets all nationalities and business sectors, as the more diversity the better. As such, we will conduct dedicated road shows and hold one-on-one meetings with high net-worth individuals and leading business and investment figures in various countries. We have likewise established a dedicated sales team that will attend to all requirements of investors availing of the RAK Business Invest package."

RAK Business Invest serves as a one-stop solution wherein investors can make a single transaction to obtain both commercial and residential properties. The new service facility offers three levels of investment packages: Silver, Gold and Platinum, based on the size of the office and residential units being acquired by the investor. RAK Business Invest was developed in line with the laws and practices of the UAE Federal Government.

Those who avail of RAK Business Invest will continue to enjoy the emirate's free-zone and non-free-zone benefits and strategic business advantages that include tax exemption, minimal proof of capital, low-cost trade, excellent infrastructure, reduced bureaucracy and a highly centralised business location that is just a short distance away from other major economic hubs such as Dubai and Abu Dhabi, and is in proximity to three international airports as well as other key transportation facilities.

The new initiative is also in line with efforts to further strengthen Ras Al Khaimah's reputation as one of the fastest-emerging investment destinations in the region. The emirate was recently recognised as the most attractive destination for foreign direct investment by fDi Magazine / Financial Times, while the Ras Al Khaimah Government has obtained an "A" rating with stable outlook from rating agencies companies Fitch and Standard & Poor.

Ras Al Khaimah to host 33rd America’s Cup in 2010

Ras Al Khaimah to host 33rd America’s Cup in 2010


August 6, 2009
Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, has announced that Ras Al Khaimah will be hosting the prestigious America’s Cup sailing competition in February of 2010, marking the first time that the race will be held in the Middle East.

RAK Investment Authority said that the Cup is the first of a series of upcoming prominent events that will reinforce RAK’s emerging status as a leading residential and tourist destination in the region. It added that the trend exposes the emirate to a global audience of prospective investors and potential industry partners who stand to benefit significantly from the growing local portfolio of prime investment offerings as well as a pro-business environment.

H.H. Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, said: “We’ve made critical improvements to our commercial and economic infrastructure that are paying off in terms of high tourist footfall and rising numbers of investors and business organisations. We are directing our success towards the events sector as well, with the America’s Cup serving as a centrepiece addition. RAK's association with prestigious global events will help further enhance its image as a rapidly-evolving economy and a highly attractive investment and leisure destination in the Middle East.”


RAKIA has been expediting various development initiatives and implementing new strategies to bolster RAK's economic diversification program. The government body affirmed that the energetic pace of socioeconomic advancement and various investor-friendly benefits such as 100 per cent exemption on income and corporate tax; zero import, export, sales and wealth taxes; 100 per cent repatriation of capital and profits; zero restrictions on hiring expatriates; and land at concessional rates have helped draw various industries both regionally and abroad to the emirate.

“Ras Al Khaimah continues to enjoy a rapid influx of regional and international investors, thus positioning it to easily achieve its growth targets. Investors are impressed with the existing infrastructure, world-class facilities and numerous development projects currently underway. The growing investor confidence in the RAK economy is opening up even more opportunities to extend the emirate's economic diversification program into niche areas such as elite sporting events,” added Dr. Khater Massaad, CEO, RAKIA.

Established in 2005, RAKIA is a pillar of the emirate's economic progress, generating billions of dollars in annual revenues through groundbreaking investment initiatives within the emirate and across the international markets. Under RAKIA's guidance, Ras Al Khaimah has been able to attract over 2,000 local and foreign investors representing over USD2.3 billion in investments to the Industrial and Free Zones in Al Hamra and the Industrial Park in Al Ghail.

Ras Al Khaimah is one of the fastest growing economies in the Gulf. Aside from being an investment haven, the coastal emirate is also one of the region's favourite tourist destinations, featuring pristine beaches, majestic mountains, and a unique community where age-old traditions and modern life co-exist harmoniously.

Escrow account requirements completed as properties in Pacific residences now available in investor-friendly payment plans

Foundation work underway for prime residential component of Al Marjan Island

Escrow account requirements completed as properties in Pacific residences now available in investor-friendly payment plans

July 14, 2009
Select Group and Select Property have announced that the final piling and layout are underway for the foundations of the Pacific, a prime residential development on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah, as the Pacific remains well on schedule for its June 2011 expected completion date. The joint developers have likewise fully completed all construction requirements and complied with the escrow account regulations of Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, as properties within the exciting residential development are now being offered in various lengthy and attractive payment plans.

Pacific is located in a prime location at the top isle of Al Marjan Island, offering exclusive private beaches. The residential complex also features 24-hour security, rooftop infinity pools and health clubs, saunas, steam rooms and Jacuzzis. The development is equipped with a full range of complementary facilities and amenities, including several dining and shopping outlets.

Eng. Yehia Kambris – General Manager, RAKIA RERA said: "Maintaining a healthy pace of development is one of our key priorities, which is why we are closely and constantly monitoring the progress of the Pacific as well as the rest of the property developments on Al Marjan Island. RAKIA has also been coordinating with all developers to ensure that all properties are built according to the highest quality standards and specifications that we have set beforehand. At the same time, we are making sure to protect the interest of investors by strictly enforcing the escrow account regulations."

Rahail Aslam, CEO Select Group said: "Pacific will be one of the most exciting and relaxing residential destinations in the region, featuring a wide variety of contemporary residences within a delightfully landscaped beachfront community. The project will certainly be one of the key highlights of Al Marjan Island, complementing the growing reputation of Ras Al Khaimah as a fast-emerging lifestyle destination in the region. It has been a great advantage for us that RAKIA has been providing invaluable strategic support, which has contributed in the smooth transition of the various phases of development and has helped us stay well within the construction schedule."

Pacific consists of six contemporary designed residences: Samoa, Bora Bora, Tonga, Polynesia, Fiji and Tahiti, each offering panoramic views of the Arabian Gulf and the natural surroundings of Ras Al Khaimah. The residential complex will have a range of spacious studios, one-bedroom apartments, two-bedroom Beach Duplexes, Gulf Suites and Pacific Suites.

Each Beach Duplex is located on the ground and first floor, allowing residents to fully exploit Pacific’s beachfront location and also enjoy a private garden area. While the Pacific Suites offer views from a private balcony, the Gulf Suites are located at the tip of each residence.

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.

Luxury resort-inspired housing complex of Al Marjan Island completes foundation and piling works

Luxury resort-inspired housing complex of Al Marjan Island completes foundation and piling works

AED 400 million Marbella Bay offers modern waterfront lifestyle in a verdantly landscaped community

July 12, 2009
Manazil Real Estate has announced the recent completion of piling works, load tests, foundations and basement of Marbella Bay, a luxury resort development on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah. The property units of the project have a combined value of approx. AED 400 million. Manazil has further revealed that it has closely coordinated with Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, for the smooth and safe development of the project and on-time delivery of property units to the customers.

Designed to be one of the finest resorts in the UAE, Marbella Bay comprises luxurious waterfront apartments and a range of leisure facilities in a verdantly landscaped community inspired by the architectural style of the historic Spanish region of Andalusia. Manazil has awarded the construction contract of the project to Nasria Construction Company, which is now working on the project's second parking floor and has completed a furnished mock-up flat at the site, providing customers a preview of the size and type of finish of their future residence. Manazil further revealed that various property units of the project have been sold for a combined total of AED 250 million.

Eng. Yehia Kambris, General Manager, RAKIA RERA said, "RAKIA has been closely monitoring the progress of the entire development as well as other projects being constructed on Al Marjan Island. We are also making sure that all developers comply with the escrow account regulations, and that development projects are constructed according to RAKIA's strict building regulations. Furthermore, we are closely working with Manazil and the rest of the stakeholders of Al Marjan Island to make sure that construction work on the different property developments progress smoothly and harmoniously. RAKIA is making this one of our top priorities as part of our efforts to reassure investors and safeguard their interest."

Eng. Abdul Mohsen Al Hammadi, CEO, Manazil Real Estate said: "We have achieved great progress in the construction work of Marbella Bay as RAKIA has provided critical strategic support that has contributed significantly to the healthy pace of development. We are very optimistic of the excellent prospects of this project as Marbella Bay is poised to emerge as one of the most exciting island-inspired residential destinations in the region."

Marbella Bay will encompass a total area of around 500,000 square feet. Only about 60 per cent of the project site's total land area has been used for the buildings, with the remaining space dedicated to communal parks, swimming pools and lakes. The project consists of a ground floor, two floors dedicated for car parking, and seven floors dedicated for a combined total of 430 residential and commercial units.

Marbella Bay will feature cafes, retail shopping and sea food restaurants overlooking the Arabian Gulf, and will also be equipped with separate health club facilities for men and women, outdoor and indoor swimming pools with temperature control facilities, multi-purpose halls equipped with TV, free internet access, billiard and snooker tables; children playing areas equipped with TV monitoring systems with full parental access in the apartments; a fully serviced mosque; a range of water activities such as fishing, scuba diving, jet skiing and boat trips; and 24-hour security and maintenance services.

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 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.

RAK Ceramics conferred SuperBrand status in the UAE

RAK Ceramics conferred SuperBrand status in the UAE

Recognised by the SuperBrand Council for its premium-quality product line and trend-setting designs

June 29, 2009
RAK Ceramics, the largest ceramic tiles & sanitaryware manufacturing company, has announced that it has been voted by the SuperBrand Council, the world's largest independent brand arbiter, as one of the UAE's SuperBrands for 2009. RAK Ceramics was presented an award during the SuperBrand Tribute event that was held yesterday (June 28, 2009) at the Al Ras Ballroom, Intercontinental Hotel, Dubai Festival City. The company will also be featured in an exclusive publication that will include all SuperBrands of 2009.

RAK Ceramics has been recognised for being one of the world's leading producers of a comprehensive line of premium-quality ceramic products. The company offers one of the industry's widest selection of colours, textures and finishes as well as an extensive array of coordinating trim and angle pieces, in line with RAK Ceramics' core values of excellence, fashion and trend-setting designs.

Dr. Khater Massaad, CEO, RAK Ceramics said: "Being named a SuperBrand is a very important milestone for RAK Ceramics, validating our company's genuine commitment to deliver high-quality and trend-setting ceramic products. This distinction has definitely inspired us to further raise the bar of excellence and consolidate our position as a global leader in the ceramics industry."

RAK Ceramics has firmly established itself as a premier ceramics brand within a short span of a little over 10 years. The company's top-quality products include world-class ceramic wall and floor tiles, Gres Porcellanato, and sanitary ware. With its latest distinction, RAK Ceramics joins the elite ranks of iconic brands such as IBM and Starbucks, which have all been conferred SuperBrand status in the UAE.

The SuperBrand Council consists of eminent personalities in the world of branding and seeks to pay tribute to established brands all over the world. The SuperBrand Council also produces various publications featuring the world's SuperBrands. Being voted a SuperBrand serves as a powerful endorsement and evidence for existing and potential customers, media, suppliers, investors and employees of a brand's exceptional status.

RAK Ceramics is a USD 800 million global conglomerate in the ceramic industry that exports its products to over 135 countries, targeting architects, project developers and retail customers. The company offers a perfect blend of technical finesse and aesthetics through thousands of designs in ceramic tiles, Gres Porcellanato, and several models in sanitary ware. RAK Ceramics has an installed capacity of 325,000 square meters per day for tiles and 12,000 pieces per day for sanitary wares globally. At its headquarters in Ras Al Khaimah it has 10 modern tile plants and two sanitaryware plants. The company has manufacturing subsidiaries in Bangladesh, Sudan, India and Iran, along with subsidiaries in Italy, Germany, Georgia, France, UK, Australia and Saudi Arabia. It has diversified into making products such as Adhesives & Grouts (Laticrete-RAK), Faucets (Kludi RAK), High end tableware (RAK Porcelain), Paints (RAK Paints) and a few other ventures.

‘BUILDMART’ in RAK sets record footfall of 20,000 visitors within last 3 months

‘BUILDMART’ in RAK sets record footfall of 20,000 visitors within last 3 months

Inaugural retail complex poised to double current sales figures within next 6 months

June 21, 2009

Danube Building Materials, the leader in construction, building materials and shop fitting industries, has announced that the first ‘BUILDMART’ in its growing chain of retail complexes has set record footfall of 20,000 visitors only three months into its operation. Located in Ras Al Khaimah, UAE, the AED 75 million state-of-the-art retail complex also registered high sales within the same period and has boosted the overall sales of Danube by 100 per cent. Given the excellent response, Danube officials revealed that ‘BUILDMART’ is looking to double current sales figures in six months’ time.

Situated on a 150,000 sq. ft. plot across the Cove Rotana Resort along Zaid Road, ‘BUILDMART’ incorporates a 20,000 sq. feet showroom, a 40,000 sq. ft. warehouse, and a huge open area for additional shops and parking. A total of 24 sections comprise the shopping complex, including dedicated spaces for chandeliers, Venetian blinds, light fittings, kitchens, bathroom, tiles and shower rooms, among others. Building specialists are also available within the premises to help shoppers on product-related questions and suggestions on the best choice for their requirements.

“We are proud to be reporting these excellent accomplishments merely three months since we inaugurated our very first ‘BUILDMART’ in Ras Al Khaimah, which is proof that we have successfully penetrated this market,” said Rizwan Sajan, Chairman, Danube Building Materials. “The strategic steps we have taken to address the increased demand for top quality building materials across the UAE backs up our high growth expectations for ‘BUILDMART’ in RAK for the year ahead.”

Chandeliers, wall papers, ceramic tiles, luxury sanitary ware and Venetian blinds are some of the most in-demand products within ‘BUILDMART’, with a large number of individual home owners in Dubai, locals from the Northern Emirates and Western expatriates shopping for home fixtures and interiors. Property owners are also expressing great enthusiasm for fit outs and home design solutions. In addition to homeowners, interior designers and consultants have also appreciated the extensive selection of 15,000 high quality products, which are installed in an actual home set-up within the facility for more convenient shopping.

“This is only the beginning of a strategic expansion plan we have set for the ‘BUILDMART’ brand, and we are confident that our similar facilities within other markets such as in Bahrain, which was inaugurated earlier this year and in KSA, which will be inaugurated later this month, as well as the ‘BUILDMART Boutique’ branches in Dubai and Abu Dhabi, will be met with similar reception from customers,” concluded Sajan.

About Danube Building Materials FZCO
Established in 1993, Danube Building Materials FZCO provides more than 15,000 products in stock and in-house value added services in all of its 14 showrooms across the UAE. The company operates from its head offices – a 285,000 square foot facility in Jafza north and a 365,000 square feet base in Jafza south, which houses its logistics centre, kiln drying facility, factory and warehouses. From a small trading firm, Danube has grown into one of the largest building materials company in the region, with eight branches in the UAE, two in Oman, one in Bahrain, two in China and one in India. Danube has a team of 1000 people working from strategic locations in across the Emirates, including Jebel Ali, Deira and Abu Dhabi. The company has been and is currently involved in major projects across the UAE, Oman and Bahrain, including Emirates Hills, the Burj Al Arab, Shangri-La Hotel, Grand Hyatt, Motor City, Burj Dubai, Dubai Airport Terminal 3, Yas Island, Reem Island, Saadiyat Island, and Al Raha Beach Hotel, among others.

RAK Steel factory to expand production capacity by 50 per cent to 750,000 tonnes

RAK Steel factory to expand production capacity by 50 per cent to 750,000 tonnes

Unveils plans to become an integrated steel mill in line with RAKIA's economic growth strategy for the emirate

June 3, 2009
RAK Steel, an energy-efficient, environment-friendly steel manufacturing facility and a joint venture with Ras Al Khaimah Investment Authority (RAKIA), has announced plans to increase by 50 per cent its current annual capacity of 500,000 tonnes of deformed steel reinforcement bars by the end of 2009 as part of a long-term strategy to cater to the gradual upturn in construction activities across the country. RAK Steel also revealed plans to become an integrated steel mill and has commissioned preliminary planning for the implementation of the expansion initiative.

The increase in production capacity is expected to further boost RAK Steel's market presence as it currently holds the distinction of being the second largest producer of rebars in the UAE. Moreover, while several other companies follow obsolete standards, RAK Steel is one of the few worldwide that have adopted the latest BS specifications, an important factor that will further reinforce RAK Steel's premium-quality brand in the market.

Ajay Aggarwal, CEO, RAK Steel, said: "There has been a gradual resurgence in construction activities across the UAE, buoyed by the continued growth in tourism and residential development projects in all emirates. RAK Steel has accordingly received a marked increase in demand and now we are running to full capacity; this has been a key factor that has motivated us to push through with our expansion initiatives."

"Furthermore, we believe that the entire country has managed to limit the impact of the global financial crisis through proactive government intervention and various forms of stimulus packages. In about two years, we expect the construction market to get back to pre-2008 levels and thereafter maintain a growth trend of around 5 per cent. Our expansion initiatives are part of RAKIA's grand design to cope with the present and future demand of the construction sector and ultimately complement the development initiatives across different industries, providing the backbone for a truly diversified and robust economy," added Aggarwal.

RAK Steel produces deformed reinforcement bars with diameter ranging from 8mm to 40mm in variable lengths of 6 to 18 metres to both British and American standards. The company uses the superior TEMPERIT process for manufacturing the rebars, which are certified by the Dubai Central Laboratory Department of Dubai Municipality for product quality and conformance to standards. RAK Steel has also secured certification from CARES, a non-profit organisation based in the UK whose quality certification is recognised worldwide. The UAE is currently RAK Steel's primary market, while it also exports its products to Oman, Saudi, Bahrain, Qatar and Iran.


The continued growth of RAK Steel is a manifestation of RAKIA's success in transforming Ras Al Khaimah into an investment magnet as RAKIA has attracted over USD 2.2 billion in foreign capital from international companies that have set up businesses in the emirate. Furthermore, RAKIA is responsible for promoting the development of the Industrial Zone and the Free Zone in Al Hamra, and the Industrial Park in Al Ghayl, where RAK Steel is located.

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.

Al Hamra Village to handover another 1,000 luxury residential units in Ras Al Khaimah

Al Hamra Village to handover another 1,000 luxury residential units in Ras Al Khaimah

Phase 2 of development now complete, offering 400 townhouses and villas and 600 flats

April 29, 2009
Al Hamra Village, Ras Al Khaimah's exclusive luxury residential and leisure development, has announced that up to 385 townhouses and villas and some 310 flats in the Marina building have been handed over and 283 units in the marina are now getting ready for handover following the completion of Phase 2 of the development. Al Hamra Village further revealed that up to 85 per cent of units within Phase 2 has been sold out and delivery of units is expected to be completed by August 2009.

Construction on Phase 3 of Al Hamra Village, on the other hand, has been well ahead of schedule with a phased handover of units scheduled between September 2009 and March 2011. Located south of Ras Al Khaimah City, the 2.5 million square-meter residential community is a picturesque sight set against a backdrop of salt water lagoons, a championship golf course and its own marina. Al Hamra Village offers freehold property options and features an excellent range of amenities within a highly secure, safe, vibrant and luxurious community.

Romain Felber, General Manager, Al Hamra Village, said: "Ras Al Khaimah has become a popular destination for tourist and business travellers, while there is also a growing number of people who have chosen to live and take advantage of the exciting new opportunities in the emirate. Al Hamra Village has been created primarily to complement the emirate's growing reputation as a choice destination for business, leisure and home living. The unique development has been expertly designed to allow residents to fulfil their dream lifestyle and redefine the meaning of luxury living. Moreover, Phase 2 delivers a fresh supply of nearly 1,000 housing units, which will certainly address the growing demand for residential properties in the emirate."

Al Hamra Village has also disclosed that the planning for Phase 4 of the residential project is now being finalised and will begin construction soon. Aside from a range of leisure and recreational facilities, Al Hamra Village is also fully equipped with essential utilities and services such as efficient electricity and water billing through a card billing system, petrol and diesel distribution pontoon and dispensers and boating facilities within the Marina Yacht Club among others.

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.