developer q&a 32
Rakeen
Ghassan Youssef, Managing Director, Rakeen comments on the
current market challenges and development opportunities in the
emirate of Ras Al Khaimah
Have FDI levels been affected in recent months and is Ras Al Will restricted financing and the restoration of investor
Khaimah still an attractive investment prospect? confidence continue to be a major deterrent to recovery as we
Ras Al Khaimah has always been geared towards sustainable move into Q1 2010?
long-term investment through a diverse range of industry and One hopes not, but at Rakeen we have never been one to wait and
service sectors rather than pure real estate speculation. In line see. We are focused on delivering on our promises to continue and
with HH Sheikh Saud bin Saqr Al Qassimi’s vision, Ras Al Khaimah complete started projects. The market confidence, the liquidity and
is striving to become a major hub for industry, tourism and the global economy can only improve from current levels.
business opportunities, complemented by beautifully integrated
real estate developments, whilst preserving its pristine Is there any imminent legislation that you believe could jump
surroundings. The emirate has already been named ‘Most start the economy from a real estate perspective?
Attractive City for FDI’ and placed sixth out of the top 20 Middle Our sister company RAKIA (Ras Al Khaimah Investment
Eastern cities by fDi magazine (Financial Times Group). Authority) recently established a Real Estate Regulatory Agency
(RAK RERA), mainly to implement the Emiri decree regulating
How is Ras Al Khaimah holding up against other emirates escrow accounts for real estate developments within RAKIA’s
right now? authority. This initiative will further ensure that only serious
Very well. Its real estate developments are being built, tourists are quality developers get to build, and that investors’ money is
still visiting in their droves and free zones are recording an safeguarded through escrow accounts, which will establish more
increase in company registrations. trust in RAK’s real estate market and help boost the economy.
PREVIEW Cityscape Dubai
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