Press Release: 6 September, 2009
RAK Properties (PJSC), the most prominent property developer in Ras Al Khaimah has successfully obtained a loan from Investment & Development Office for an amount of USD 150 million to support and finance its projects.
Mr. Mohammed sultan Al Qadi, Managing Director and CEO of RAK Properties, said that the maturity of the loan of USD 150 million obtained from Investment & Development Office (IDO) is five years and the loan will enhance the business of the company and will be used to support the current and future projects of the company.
In the meanwhile, the company’s projects proceed well where Julfar Towers is in its final stages. The JT consist of two 45-storey building – one residential, with 349 apartments, and the other an office tower with 468 units – built over a three-level podium that provides retail as well as food outlets and central facilities. Perfect for an enjoyable lifestyle and convenient business, Julfar Towers will provide an ultramodern lifestyle of luxury and convenience and much more.
On the other hand, works continue with the flagship project Mina Al Arab estimated at AED 10 billion dirhams. Mina Al Arab, embodies RAK Properties’ motto of ‘Living Close to Nature’. Developed over a beachfront, the 43 million square feet area of the project includes islands, mangroves, landscaped areas and parks. A cluster of 3,500 residential units and apartments are available for purchase on a freehold basis. A marine will form the heart of the community, and will offer a thriving lifestyle-rich, community environment featuring a shopping mall facility inspired by the grand Arabian souks, which will sell everything from basic goods to luxury items.
An oasis walk – a lushly landscaped corridor serving as a walkway and bicycle pathway linking the islands in the project – will be an added attraction of Mina Al Arab. The coastal wetlands of Mina Al Arab will constitute an eco zone, which will be home to a variety of fascinating marine life that preserves and showcases the nature’s bounty in a natural habitat.
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RAK Properties, is a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai 2007 and finally Julfar Residence in Abu Dhabi as well at Cityscape Dubai 2008.
www.rakproperties.net
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