RAS AL-KHAIMAH, 22 August 2004 — The UAE’s Ras Al-Khaimah emirate has unveiled a plan to launch five major projects for the construction of 5,000 residential units with an investment of over 6 billion dirhams.
“The new projects will be a qualitative touristic and investment leap for Ras Al-Khaimah as they are expected to enhance the emirate’s objective to establish its position on the local and international economic and tourism map,” said Dr. Khater Musaad, adviser for industrial and tourism affairs to Sheikh Saud ibn Saqr Al-Qasimi, crown prince and deputy ruler of RAK.
Dr. Musaad hinted at the possibility of allowing foreigners to own properties in these projects. However, he did not reveal the exact launch date or the blueprint of the projects. “The projects which are being supported and supervised by Sheikh Saud include the Khor Qarm enterprise which overlooks the sea and houses tourism and residential structures including 500 flats and villas, a recreational park and a marine sanctuary,” Dr. Musaad said.
Other projects, he said, are the Ras Al-Khaimah City project — which also overlooks the sea - Al-Nakeel project, Al-Jebel project — which houses 3,000 apartments and villas in addition to a high-standard recreational facility — and a shopping mall.
Each project, according to Dr. Musaad, will have its independent service equipment and unique identity. Speaking about another project — the Al-Hamraa Village — which is under way here, he said that over 30 percent of the residential units or about 1,350 had already been sold due to its proximity to Al-Hamra Island, the oldest island in the Arabian Gulf and famous for its beautiful weather.
