Ras Al Khaima's newest property developer, Rakeen, was launched earlier this week by Shaikh Saud bin Saqr Al Qasimi, Ras Al Khaimah Crown Prince and Deputy Ruler.
A private joint stock company with Dh4 billion in assets and Dh400 million in paid up capital, Rakeen will develop and manage some key projects in Ras Al Khaimah and overseas, according to Khaleej Times.
"The launch of Rakeen is a great chance for us all to build a brilliant future for the UAE in general and for RAK in particular," said Shaikh Saud.
"Rakeen will be the new front for the new RAK which receives the visitor and tourist and becomes the ideal environment for the resident and investor to enjoy life and business," he added.
Rakeen will develop over 12 mega projects consisting of mixed use property development both in Ras Al Khaimah and the international markets which will cover over 200 million square feet and are worth over Dh20 billion. Projects include Al Marjan Islands, RAK offshore, The Gateway, Al Hamra Amenity Centre, Jabal Al Jais and Banyan Tree Resort. Rakeen will also develop and manage projects in Italy Iran, India, Azerbaijan, Ukraine and Georgia.
