RAK
Infrastructure In order to cope with RAK’s economic growth, the government
is currently delivering major infrastructure developments such as the new inter-emirate road and railway links and is also looking at a possible airport expansion in the future. “Te infrastructure improvements are already under way; the
federal government is assisting us. We’re not working as if we were an island, we are working alongside other emirates. We would like RAK to contribute to the growth of the wider UAE,” Sheikh Saud said.
both the Gulf States and the rest of the world. “Ras Al Khaimah offers distinguished projects that will attract Qatari and other investors,” said Mohammed bin Towar Al Kuwari, Vice Chairman of QCCI. He added that RAK’s distinctive facilities made it an attractive investment
environment and an increasingly attractive business destination in the UAE.
RAK Free Trade Zone Te discovery of oil in the mid 1900s brought wealth along with
international investment to the region, facilitating the rapid development of modern cities and infrastructure. Ras Al Khaimah however, with only a tiny fraction of the UAE’s oil reserves, needed to be more pragmatic than some of its neighbours in planning its growth and leveraging its natural resources to ensure that stable, balanced and self-sustaining development took place. Ras Al Khaimah Free Trade Zone (RAK FTZ), the emirate’s first free zone,
was established on 1 May 2000, and has since significantly contributed to the economic and social development of the emirate. “Transparent and investment friendly laws and regulations, lack of restrictions on profit and capital repatriation, a strategic location not far from Dubai’s business and financial centres, proximity to international airports and seaports and considerably lower costs of living in RAK compared to Dubai and Abu Dhabi, in combination with the support and guidance of RAK’s leaders - all played a critical role in RAK FTZ’s success over the past 10 years,” said RAK FTZ. Tese advantages helped attract investors looking for cost-effective, hassle-free and secure options for setting up a business in the UAE. According to RAK FTZ, “even in the face of the global economic downturn, in 2009 the free zone continued to enjoy a steady increase in new company registrations and revenue, which grew by 10 and 11 per cent respectively, when compared to 2008, joining the ranks of top-performing free zones in rebuilding confidence in the world economy.” RAK free trade zone continues to attract investors of all industries, including the real estate sector, providing a suitable platform for businesses to expand into key emerging markets.
Real Estate in RAK While the real-estate sector in other parts of the region is still feeling the effects of the global financial crisis, RAK is currently experiencing heightened activity as major developments report an increase in occupancy and continue their construction phases. RAK’s $1.9 billion Al Hamra Village has reported majority occupancy
across the entire project and has also commenced its phase 4, adding nine buildings to the development. Located to the southern end of Ras Al Khaimah City, the 5 million square metre expanse is a project of Al Hamra Real Estate Development LLC, established by H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi in 2004. In 2011, RAK Properties, one of the emirate’s largest property developers, has also delivered major projects in Ras Al Khaimah such as Mina Al Arab and Julphar Towers. Mina Al Arab is a new waterfront community with six distinct districts. “Designed to offer a range of inviting activities and surroundings, the districts are carefully crafted around the kind of experience residents and visitors wish to have at the destination. From beautiful homes and resort hotels on the Arabian Gulf, to the expansive beauty of ecological preserves, wetlands and beaches, they all come together to create one exceptional destination,” RAK Properties said. Te Julphar Towers project consists of two 45-storey buildings; one
residential, with 349 apartments, and one office tower with 468 units, built over a three-level podium that provides retail as well as food outlets and central facilities. Te towers also offer the advantage of free zone status for offices and freehold status for apartments. Asteco Property Management reports that in Q1 2012, activity in the Northern Emirates property market also increased as new buildings entered the market and utility connections improved. “Last year there were ongoing problems with connection to electricity, water and sewage, which slowed the pace of supply across the Northern Emirates. Activity is now picking up, especially in Ras Al Khaimah and Fujairah, as electricity connections improved for residential buildings,” said Elaine Jones, CEO of Asteco l
26 I CITYSCAPE I APRIL 2012
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