3/3/2010
Ras Al Khaimah Investment Authority (RAKIA) bullish about the development of the island and the construction progress of its projects
Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its Free Zones, Industrial Parks and Offshore facilities as well as in Real Estate developments and other ventures, has announced that the construction progress of many active developments on Al Marjan Island, the first man-made island in Ras Al Khaimah, is impressive and reflects the trust of investors in the sustainability and prospect of success of this iconic landmark.
The first development to be completed on the island is Rakeen’s mixed-use project Bab Al Bahr, located on the peninsula of the island, therefore called ‘The Gateway to Island Living’. The six residential buildings, uniquely shaped in the form of pyramids, are scheduled for handover in August 2010 and have reached the top level of construction. Further phases of Bab Al Bahr will feature a hotel, a shopping mall and an office tower.
In 2011, Marbella Bay is expected for completion. This luxury resort development by Manazil Real Estate Sharjah, located on Island Number 2, is inspired by the architectural style of the historic Spanish region of Andalusia and will comprise of waterfront apartments and a range of leisure facilities set in a lavishly landscaped community.
Pacific by Select Group is scheduled for completion in 2011 as well. Located on Island Number 4 with luxurious private beaches, Pacific will feature a wide variety of contemporary residences within a verdantly landscaped beachfront community, offering panoramic views of the Arabian Gulf and the natural surroundings of Ras Al Khaimah.
Further developments are currently mobilising or have started construction already, with many more investors to follow and make their projects a reality.
Dr. Khater Massaad, CEO, RAKIA, stated: “We are very happy about the quality of developments we have been able to attract to Al Marjan Island and about their steady construction progress. Our vision is to create a self-contained community and comforting neighbourhood, providing convenient services and amenities, on a luxurious island with a wide variety of unique residential properties providing high standards of living, with stunning surroundings, lush greeneries, white sandy beaches and romantic views over the sea. With all the special developments proposed by our investors, Al Marjan Island will be an outstanding place to live, and we believe in the sustainability and success of each and every of these projects. As much as our developers are committed to contributing to the prosperity of Al Marjan Island, we honour our part by ensuring that all required infrastructure facilities are provided in time, by marketing and promoting Al Marjan Island, by assisting in the approval and construction process and by being a partner to our investors throughout the life-cycle of their projects. Al Marjan Island is an architectural and engineering masterpiece and deserves the best quality and design of exquisite developments to bring it to life and to complement it to becoming the groundbreaking landmark it is destined to be that will enrich Ras Al Khaimah and its community.”