10/06/2009 05:45 PM
Dubai: Ras Al Khaimah Investment Authority's (RAKIA) real estate projects worth a total Dh12 billion, are on track and under various stages of planning and construction, a top company official told Gulf News.
Abdul Wahid Atta Allah, executive director of Rakeen, the development arm of RAKIA, said that company's objective at the moment is to "finish what we started."
Rakeen, the development arm of RAKIA, a three-year-old venture expanded internationally just two years ago, has launched Al Marjan Island, the first man-made island in Ras Al Khaimah, the Bab Al Bahr mixed-use development.
For their first project, Al Marjan Islands, the developer took land from the master planner to launch the Bab Al Bahr project. Its other projects include Gateway City, RAK Financial City and Dana Island.
Overseas, it has a joint venture in India called RAK-Indu. The project which includes shopping malls, hotels and residential units, will be officially launched next month. A similar project is taking place in Isfahan, Iran.
The developer has also entered the realty market in Tbilisi, Georgia. "We have several projects planned but currently only one is under construction. It is called Uptown Tablesi," Atta Allah said.
He said that the company would be completing shopping malls in Georgia and Iran in the middle of next year and Bab Al Bahr in the first quarter of next year. The latter has recorded a sale of 55 per cent of the project.
The total value of the projects within Ras Al Khaimah is Dh5 billion, while its international ventures touched Dh7 billion, said Atta Allah.
The company has also launched and started construction on two projects in Kinshasa, Congo, comprising hotels, residences and offices, "because there is a huge shortage for these sort of developments in Congo," he said.
"Wherever we made commitments to investors, we delivered it on time, like the Bab Al Bahar project," said Atta Allah.
On the recent power shortage problem in the emirate, Atta Allah said that a new power plant has already been put in place in Ras Al Khaimah, which is being used for Al Hamra and Bab Al Bahr projects.
"We are covered, as far as power is concerned, for the next two years. And the government is setting up more plants to cover the shortage. For our projects, we don't see that being an issue," he said.
A new company under its umbrella was launched early in August, called RAK Business Invest. The new venture offers easy investment solutions and will help bring in overseas investors.