Ras Al Khaimah’s real estate market is doing very well despite the debilitating impact of the COVID-19 pandemic.
Inayat-ur-Rahman, Company editor
Expo 2020 Dubai would transform the economic landscape of the UAE, as the mega event is expected to help promote tourism as well as business and real estate activities in various regions of the country, including Ras Al Khaimah.
This is what Mohammed Al Tair, interim CEO of RAK Properties, said in an exclusive interview with Gulf Today.
He added that any global event organized by the UAE represents an opportunity to showcase the country’s achievements in various sectors, and Expo Dubai 2020 is the largest global event hosted by the UAE to date, in terms of a six-month term. , the participation of more than 190 countries, as well as the expected number of visitors to the event, which could reach 25 million.
According to Al Tair, the UAE has handled the COVID-19 pandemic very well, which has had a positive impact on the real estate sector, prompting the sector to recover from the fallout from the spread of the virus last year.
âThe Ras Al Khaimah real estate market is doing very well despite the debilitating impact of the COVID-19 pandemic. Strong fundamentals underpin the emirate’s real estate market, including freehold land ownership for international buyers, and a vibrant economy built on the pillars of industry, manufacturing and tourism, âa- he added.
Image used for illustrative purposes only.
Stressing the importance of the Freehold Law, Al Tair confirmed that the decree issued in Ras Al Khaimah in 2005, as well as similar legislation in other parts of the emirate, is of great appeal to investors and constitutes a competitive factor for the real estate market. in the United Arab Emirates, as these allow non-nationals to own 100% of the real estate in selected areas, thus increasing the demand for real estate investments in those areas.
âThe enactment of the Freehold Law coincided with the founding of RAK Properties in 2005, which gave the company a good start and paved the way for the launch of promising, attractive and promising freehold projects. competitive. All our projects were well received by the public, citizens and expatriates, prompting us to launch two major projects within the free zones, âhe added.
Since its launch, RAK Properties has built up an impressive portfolio of projects which has positioned the company as a leading developer in the United Arab Emirates.
âOur current mega project is Mina Al Arab Ras Al Khaimah, which has 23 phases and is valued at 10 billion Dhs. After successfully launching this project, we explored the opportunities in Abu Dhabi and launched our first project, Ras Al Khaimah Tower, outside of RAK in 2012. We also plan to launch the Julphar Residence Tower in Abu Dhabi soon â, a he added.
Al Tair mentioned that the Mina Al Arab project, which was launched in 2008 and located in the Al-Rafa area near Al-Jazirah Al-Hamra, has now reached stage 14 and will be fully delivered in 7 to 8 years.
Speaking of phase 14, he said that it is named after Marbella, which includes 204 villas.
The project, worth around Dh500 million, was launched last year and around 45% of it has been sold so far, and the villas are expected to be delivered to their owners. in the third quarter of 2021, and the entire project is expected to be fully completed in the fourth quarter of this year.
As for the other projects within the mega-development Mina Al Arab, two hotels are currently under development at a cost of 800 million Dhs. The first is Intercontinental Ras Al Khaimah Resort and Spa, which features 341 rooms of varying sizes, villas and chalets, and is slated to open in the last quarter of this year.
Work is also underway on the Anantara hotel project, scheduled to open in late 2022, and it will consist of 174 rooms, individual villas with water views.
âAfter successfully launching projects in RAK and Abu Dhabi, we are now in a good position to explore Dubai, where the real estate sector offers promising opportunities,â said Al Tair.
RAK Properties’ interim CEO says the company is on track for future growth, having established a competitive advantage by offering a set of incentives and facilities that attract investors, buyers and tenants. “We see exciting prospects ahead as the UAE continues to offer economic stability, cultural diversity, an abundance of employment opportunities, security and safety, and world-class infrastructure and facilities. conducive to investment and business growth, âhe concluded.
Expo 2020 is a long-term investment in the future of the United Arab Emirates. The exhibition has a positive impact on the GDP of the host country.
It is expected that there will be an influx of foreign visitors, which will greatly benefit and revive the hospitality and tourism industries in the region.