Emirates News Agency – “Ras Al Khaimah Real Estate”: 15 billion dirhams, the company’s investments.. We are optimistic about Expo 2020 Dubai in supporting the country’s economy

Emirates News Agency – “Ras Al Khaimah Real Estate”: 15 billion dirhams, the company’s investments.. We are optimistic about Expo 2020 Dubai in supporting the country’s economy
Emirates News Agency – “Ras Al Khaimah Real Estate”: 15 billion dirhams, the company’s investments.. We are optimistic about Expo 2020 Dubai in supporting the country’s economy

.. from Ahmed Al-Mahri.

Ras Al Khaimah, October 26 / WAM / His Excellency Mohammed Al Tayer, Acting CEO of Ras Al Khaimah Real Estate Company, confirmed that the UAE economy is built on solid and strong foundations and has succeeded in overcoming many economic crises that the world has experienced in recent years, the latest of which is the “Covid-19” crisis, which is considered The UAE is one of the first countries to return to the right path and normal life after the pandemic crisis. Currently, Expo 2020 Dubai is hosting the largest gathering in the world and one of the largest international exhibitions, which will have a great positive impact on the UAE economy in general and the tourism and real estate sector in particular.

The CEO of Ras Al Khaimah Real Estate Company – one of the leading real estate developers in the UAE – said in an interview with the Emirates News Agency / WAM /: “We are proud of the wonderful organization of Expo 2020 Dubai, and we are very optimistic about the exhibition in the coming period and its positive indicators have begun to appear since its inception by increasing the proportion of Occupancy in the tourism sector in Dubai and in the various emirates of the country, and we at Ras Al Khaimah Real Estate Company as a real estate developer in the Emirate of Ras Al Khaimah have seen this positive impact of the exhibition since the opening.”

Regarding the company’s performance and its economic and investment standing after more than 15 years of its establishment, he explained that the company’s total investments amounted to more than 15 billion dirhams.. He added that the company, since its establishment in 2005 by a decree issued by His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler Ras Al Khaimah has entered into many projects in various real estate sectors and succeeded in implementing all the projects that were offered to investors and tenants. The percentage of satisfaction with performance among investors was high, which enhanced their confidence in them. The company also has future expansion plans to invest in other sectors and enter into new projects in the Emirate. Ras Al Khaimah will be announced soon.

On the contribution of laws and legislation in the Emirate of Ras Al Khaimah to increasing investment in the real estate sector, he said: “The laws currently in force in the emirate support real estate investment in general, especially foreign investment, such as the freehold law that allows non-national investors to fully own real estate of all kinds, whether offices or Housing or commercial units, and the competent departments in the emirate are developing new legislation and laws that will contribute to supporting the real estate sector in the emirate, and the investors in Ras Al Khaimah Real Estate Company are among the largest beneficiaries of these real estate laws, as all the company’s projects fall within the freehold law, which was announced since the beginning of the establishment The company is developing this law on an ongoing basis, which contributes to supporting this sector in general.”

The CEO of Ras Al Khaimah Real Estate Company pointed out that there are always consultative meetings between real estate developers, including Ras Al Khaimah Real Estate, as one of the largest real estate developers in the emirate, and the departments specialized in setting real estate laws in the emirate to enact legislation, amend it, or even introduce new laws through which the real estate sector is supported in a way common in the emirate.

Regarding the Mina Al Arab project, he mentioned that the project, which is located on an area of ​​66 million square feet at a total cost of 10 billion dirhams, is a distinctive brand and real estate in the country and at the global level. 3 additional phases, including two international five-star hotels and the Marbella villa complex, which consists of 205 villas overlooking the sea.

He pointed out that one of the most important reasons for the success of the Mina Al Arab project in attracting investors from inside and outside the country is the professional engineering designs that have been carefully selected from international companies, as well as the materials used in construction, which are of high quality and are consistent with the best practices adopted in construction and development in order to provide a final product. Distinguished earns the confidence of investors.

He stated that the occupancy rate in the Mina Al Arab project always ranges from 85 to 95 percent, and includes investors from more than 80 nationalities around the world. The Mina Al Arab project, which consists of residential areas, commercial areas, hotels, and natural sea beaches overlooking a natural reserve, the Al-Muzahimiyah Nature Reserve. There are also hotel projects currently under construction.

And on the importance and position of the tourism sector in supporting the local economy of the Emirate..

He explained that the Emirate of Ras Al Khaimah is considered a tourist emirate and enjoys natural resources and tourism components that support the tourism sector in general, as it focused on the tourism sector in the past years to support its economy with directions and encouragement from the government to invest in this vital sector, and we, as a major developer in Ras Al Khaimah, directed us to invest in this vital sector Through the establishment of two hotels with a total investment of 800 million dirhams, the first hotel is the Intercontinental Hotel within the five-star category, scheduled to open during the end of this year, and includes 341 rooms and suites, in addition to recreational facilities and international restaurants. The second hotel is Anantara Resort, which includes 174 rooms, independent villas on the sea and royal suites. Completed in 2022, this project was designed by the tourist resort system located abroad in the Maldives and Mauritius, and we expect it to be one of the very distinctive hotels in the country.

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