RAK Properties is aiming for Dh500 million ($136.1m) in sales by the end of this year and plans to launch a number of residential projects in 2022 to boost its property portfolio as it registers higher demand from buyers.
The Abu Dhabi-listed company will start new projects at its Dh10 billion Mina Al Arab master development in Ras Al Khaimah, according to its acting chief executive Mohammed Al Tair. The mega-project is being constructed in different phases and is expected to be completed within five to seven years.
“The new projects will have 500 to 600 apartments as well as 100 additional villas,” Mr Al Tair said.
Other developers including Arada as well as Sobha Realty also announced plans to launch new projects on the back of higher demand from buyers. Sobha is looking to start a $4bn master development at MBR City in Dubai next year, while Sharjah developer Arada is launching five projects at its Aljada development in the emirate in 2020.
“We feel that the market in the UAE is coming back after Covid-19. It is growing solidly and there is big potential for the growth of the sector in Ras Al Khaimah,” Mr Al Tair said.
New initiatives from the UAE government including the expansion of the 10-year golden visa scheme are helping the property market to recover.
The property sector will “become more and more solid next year” amid broader economic recovery, he said.
RAK Properties achieved Dh420m in sales at the end of the third quarter.
The InterContinental Mina Al Arab Resort and Hotel – which the company is developing – will begin operations by the end of this year, while the Anantara Mina Al Arab Hotel and Resort will open in 2022.
The company is also accelerating work on the final stages of the Marbella Villas project in Mina Al Arab, which includes 205 villas and town houses.
The Julphar Residence project on Reem Island in Abu Dhabi, which includes 266 apartments, will also be delivered to customers this year, Mr Al Tair said.
“We have customers from 80 countries investing in our property and we expect the demand to continue to increase next year.”
The real estate market in Ras Al Khaimah is being driven by end-users and investors, “who want to invest and own the property”, he said.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Mohammed bin Zayed Majlis
RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Our House, Louise Candlish,
Simon & Schuster
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
WRESTLING HIGHLIGHTS
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
