Piling And Foundation Work Gets Completed At Marbella Bay In Ras Al Khaimah

A Qatar based real estate developer Manazil real estate has announced that the foundation and piling work for Marbella Bay in Ras Al Khaimah has been completed. Marbella Bay is a luxury resort development that is being made on Al Marjan Island and will soon be a part of Ras Al Khaimah real estate. Al Marjan Island itself is first of its kind man-made island in the emirate. The combined value of this property unit project is Dh400 million. RAKIA is the government body which is responsible for the socioeconomic growth of the emirates and its developments.

Manazil revealed that it has also coordinated with Ras Al Khaimah Investment Authority for the smooth development of this project. Safe development and on-time delivery of properties to the customers is very important for that matter. The CEO of Manazil Real Estate, Eng. Abdul Mohsen Al Hammadi 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."

This Marbella property is designed to be one of the finest resorts in the UAE consisting of 430 commercial as well as residential units on 7 floors along with a ground floor. 2 floors of the development are dedicated for car parking. The resort comprises of luxury waterfront apartments and various leisure facilities within a well developed landscaped community. Moreover, the community is inspired by the architectural style of historic Spanish region of Andalusia. The total area of the project is around 500,000 sq ft. Out of this overall area only 60 percent of the project has been used for the development of buildings, rest the entire space is dedicated to lakes, swimming pools and communal parks thereby, making it an ideal luxury project.

Rakeen to Commence Infrastructure Work on Al Marjan Island Property in RAK

Rakeen is one of the most dynamic property developers in Ras Al Khaimah which has instigated phase two of the infrastructure work on Al Marjan Island property. The phase two of the project will get started in August this year. Al Marjan is a man made island in Ras Al Khaimah. Rakeen further revealed that this phase two of the infrastructural work will be completed in 18 months, thereby, covering Island 3 and 4 of Al Marjan. The costing of the project will come out to be Dhs365 million.

The infrastructure work of phase two will include various facilities for drainage, telecommunications, channel crossings, landscaping, electricity, street lightning and fire fighting installations as well. The Infrastructure Manager of Rakeen, Dr.Fawzi Shadid 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.”

The Director of Development of Rakeen, Herbert Krause 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.” This pioneering development project extends the coastline of the emirate by an additional 21 kilometers. This master development is expected to be completed in June 2010 at the cost of Dhs366 million.

RAKIA Maintains Strong Investor Interest

RAKIA is the Ras Al Khaimah Investment Authority which is a government body in Ras Al Khaimah. From January to May 2009, a total of 289 licenses have been issued to various businesses operating across various free zones within the emirate. These licenses were issued to a diverse range of businesses which includes commercial, consulting, trading, media, and industrial companies. This government body of Ras Al Khaimah further revealed that the economic diversification strategy of the emirate is on track.

Moreover, some newly approved businesses have also been added therefore, since 2006, Rakia has issued around 1983 licenses. 529 commercial companies are actually operating in the Rakia free zones reflecting 26 percent of the licenses issued by Rakia. The CEO of Rakia, Dr. Khater Massaad said: “With respect to the ongoing global economic challenges, we are very satisfied with the growth rate that we have achieved. The continued influx of foreign investors and the growing level of international interest in the emirate have been achieved primarily because of the proactive support of the government in terms of infrastructural development and establishing pro-investment policies.”

In 2006, this investment authority issued 10 trading licenses and last year the figure of licenses rose to 113. This year, Rakia is again expecting a positive growth rate in the trading sector. Moreover, the demand for warehousing facilities is also increasing thus; Rakia announced that ready warehouses are being constructed in an area of 186,000 square meters. The investment authority has also issued licenses to 450 consulting and service companies, 209 media companies and to 288 trading companies. Foreign investors in this emirate are also benefitted from 100 percent capital. Moreover, there are easy licensing procedures, easy availability of labour, excellent transportation facilities and a lot more.

Therefore, a vital role is being played by Rakia in nurturing the investment landscape for this emirate.