Emirates news agency – UAE economy is on solid footing: RAK Properties interim CEO


RAS AL KHAIMAH, October 26, 2021 (WAM) – Mohammed Al Tair, Acting Managing Director of RAK Properties, said that the UAE economy is built on solid foundations and has overcome many global economic challenges in recent years, including the coronavirus (COVID -19) pandemic.

The United Arab Emirates was among the first countries to return to normal after the pandemic and is currently hosting Expo 2020 Dubai, which is the largest international event taking place after the pandemic, he added. This will have a major impact on the UAE’s economy, in general, and the tourism and real estate sectors, in particular, he noted.

In an interview with Emirates News Agency (WAM), Al Tair highlighted the company’s optimism regarding the organization and hosting of Expo 2020 Dubai, noting that the event is associated with several signs positive, notably the surge in occupancy rates in the tourism sector in Dubai. and other emirates.

Speaking about the stature and the economic and investment position of the company 15 years after its establishment, he noted that the total investments of the company amounted to more than AED 15 billion, adding that it s ‘was engaged in numerous projects in various real estate sectors since its creation in 2005, on an Emiri decree. published by HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, and it has future expansion plans in various sectors.

“The laws currently in force in the emirate support real estate investment, in general, and foreign investment, in particular, such as the Free Ownership Law which allows foreign investors to have full ownership of real estate.” , said Al Tair.

Council meetings are also being held between real estate developers, including RAK Properties and relevant departments in the emirate, to discuss the process of drafting real estate laws, he added.

Speaking of the “Mina Al Arab” project, Al Tair pointed out that it is located on an area of ​​66 million square feet, at a total cost of AED 10 billion. The project comprises 24 phases, 14 of which are already developed and delivered while three additional phases are under development and delivery.

Regarding the importance of the tourism sector in supporting the economy of the emirate, Al Tair asserted that Ras Al Khaimah is a key tourist destination and has natural resources and tourist attractions that support the sector.

As a leading real estate developer in the emirate, RAK Properties prioritizes investment in this sector by building two hotels with investments worth AED800 million, he added, noting that the first hotel is the InterContinental which will be inaugurated at the end of this year, while the second is the Anantara resort will be completed in 2022.

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