UAE: “The Cove” unveiled by Orascom Hotels and Development

Enlarge Image

RELATED ARTICLES

• “The Cove” kicks off in Ras Al Khaimah
• Orascom plans to develop prime hotel/real estate property in UAE
• Dh800 million investment sealed for Badawi's Pirates Cove

Orascom Hotels and Development (OHD), one of Egypt’s largest land development companies Monday unveiled “The Cove”, their first Hotel/Real estate project in the UAE. This pioneering project which is located in Ras El Khaimah is 40 minutes away from Dubai International Airport, using the new Emirates highway, covers 50 acres of pristine beachfront property, and includes 134 Nubian style furnished residences.

Samih Sawiris, Chairman of Orascom Hotels and Development, said “The Cove is unique in a sense that it brings an excellent investment opportunity of its kind to the UAE, by giving customers the chance to own property on a beach resort while earning 7% on their investment. Not only are we providing customers with a breathtaking holiday resort, but we’re also giving them a guaranteed annual return on their investment.”

Samih went on to discuss in further detail the advantages of owning property in this exclusive resort. He explains that “One is free to holiday at their chalet 4 weeks of the year, and they will be able to collect a guaranteed 7% of their investment for the remaining 11 months. After 3 years, one has the option of either residing at their property or selling it back to Orascom at the market value while taking advantage of a fixed capital appreciation. The final option would be to renew the agreement with Orascom to continue receiving guaranteed returns on rent.” 

Location of “The Cove” proves to be very convenient because it is close to almost every modern day necessity. He concluded “One can find a beautiful golf course, a choice of shopping malls, supermarkets, international schools, hospitals and not to mention the thriving Ras Al Khaimah Free Zone, all just a short drive away.”

International hotel management companies have already expressed interest in managing ‘The Cove’ project. Better Homes LLC will be in charge of sales while financing will be provided by one of the local banks.