Agreement to create 'Saraya Islands' signed between RAK Government, Saraya Holdings and Arab Bank
Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of the Emirate of Ras Al Khaimah (RAK) signed a Heads of Agreement with Sheikh Saad Rafic Hariri, Chairman of Saraya Holdings LLC and Mr. Abdul Hamid Shoman, Chairman and CEO of Arab Bank, to launch Saraya Islands, a US $500 million project along the Arabian Gulf coastline of RAK.
“We are extremely grateful to the vision and leadership of H.H. Sheikh Saqr bin Mohammed Al Qasimi, Ruler of Ras Al Khaimah, without whose support such grand initiatives would not be possible. We aim to make RAK a promising destination for tourists and residents alike,” said Sheikh Saud. “The Government of Ras Al Khaimah wishes to build a diverse economy and capitalize on the immense potential of RAK. The Emirate enjoys strong sustainable growth by attracting investments to create wealth and raise the standard of living for the people of RAK.”
The project is a conception of shared visions to propel RAK into a cosmopolitan tourism destination and a new alternative in the UAE, offering exceptional tourism products that will illuminate the area’s natural landscape and attractions.
Saraya Islands Real Estate Development Company “Saraya Islands” will be established as a joint venture between the Investment Development Office- Government of Ras Al Khaimah (RAK), Saraya Emirates and Arab Bank plc. The major investor in Saraya Islands is Saraya Emirates, a subsidiary of Saraya Holdings LLC (under formation), which is under the chairmanship of Sheikh Saad Rafic Hariri.
The globally renowned Saudi Oger Ltd. will be the sole official developer and contractor for Saraya Emirates' projects, ensuring the highest standards of quality development and technically advanced construction in the contracting industry. Saudi Oger Ltd has extensive knowledge and experience in design concepts, operations and management, in addition to the resources and financial capabilities necessary to undertake a wide range of supreme mega construction projects.
Saraya Islands will spread over one million square meters, with a range of five star hotels, lavish residences, and cultural and commercial venues that will draw interested tourists from all over the world, and offer an alternative cosmopolitan environment for residents.
“With the signing of the Agreement, we have entered a new era where the Middle East region is actively developing and building on an increasingly thriving tourism activity. With a plethora of world-wide destinations to choose from, our vision is to offer unique, mixed-use tourism projects, which can attract visitors from all over the globe to experience the hidden attractions of yet-to-be discovered destinations, such as Saraya Islands,” said Sheikh Saad Rafic Hariri.
Saraya Islands will occupy a premier location in the Emirate of RAK, with state-of-the-art facilities, high quality services, and an abundance of opportunities for developers in the real estate and tourism sectors.
“It reflects the serious commitment of Arab Bank towards development by being involved in a landmark project, such as Saraya Islands. This project is not just aimed at the booming tourism sector, but also at promoting the overall economy of RAK, towards which we have deep convictions. The bank is participating as an equity partner and will also provide financial consultancy and cooperation for the effective completion of the project,” said Mr. Abdul Hamid Shoman.
Saraya Islands will be a treat for the tourists because of its vibrant shopping experience, exquisite dining, and varied entertainment and accommodation in five star hotels and bungalows.