Construction & Real Estate
From The Report: Ras Al Khaimah 2015
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Construction remains a key sector in RAK, with the industry driven by a combination of infrastructure, housing and hospitality schemes. The emirate’s role in providing raw materials and manufactured components for mega projects in the UAE and beyond looks set to continue as the region builds up to major events such as the 2022 FIFA World Cup. Strong demand continues to drive new residential development across the emirate, particularly in the case of seaside residential developments. New mortgage regulations introduced by the Central Bank of the UAE and the launch of the federal Al Etihad Credit Bureau are factors expected to reduce risk for lenders moving forward.

This chapter contains an interview with Abdullah Rashed Al Abdooli, Managing Director, Al Marjan Island.

Articles from this Chapter

Overview

Building value: Affordability and rising demand are driving the sector forward
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A key sector in Ras Al Khaimah, the construction industry is driven by housing, hospitality and infrastructure schemes within the emirate, but also by its key role in providing raw materials and manufactured components for mega-projects in the UAE and beyond. Although the sector has seen unprecedented peaks and troughs in the last decade, activity levels have rebounded and a pipeline of new activity in the run up to Dubai’s Expo 2020 gives added cause for optimism in the near term. Economic Role The…

Overview

Appetite for construction: A range of new residential developments are going up
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The success of the suburban seaside communities that have sprung up in Al Jazirah Al Hamra, to the south of Ras Al Khaimah City, has given real estate developers an appetite for new housing schemes. Hundreds of homes are currently being built both at Mina Al Arab and Al Hamra, while on the Al Marjan Islands development new waterfront communities are taking shape on reclaimed land. RAK Properties The Abu Dhabi Securities Exchange-listed RAK Properties launched its Mina Al Arab project in May 2006…

Interview

Catering to all: OBG talks to Abdullah Rashed Al Abdooli, Managing Director, Al Marjan Island
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Interview:Abdullah Rashed Al Abdooli What policies and initiatives do the authorities and planners need to consider in terms of encouraging families to settle in Ras Al Khaimah? ABDULLAH RASHED AL ABDOOLI: It is important to create an inclusive society that meets the needs of a diverse and growing population. Most developers work with local authorities to ensure that all projects encourage a sense of community. These projects should also aim to catalyse wider communal and economic growth.…

Overview

Rise and shine: The sector is a growing contributor to GDP
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The property market in Ras Al Khaimah has shown robust growth and resilience to the volatility found elsewhere in the UAE, and is set to benefit from a fresh injection of investment. More than Dh4bn ($1.1bn) is being spent on new housing schemes that will come onto the market by 2017. Strong fundamentals underpin the emirate’s real estate market, including freehold property ownership for international buyers, and a vibrant economy built on the pillars of industry, manufacturing and tourism. In…

Analysis

Value for money: Property size, quality and affordability remain major draws for the emirate
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The real estate rental market provides fascinating insights into Ras Al Khaimah’s evolving relationship with the other emirates. While the price cycle from 2008 to 2014 may have tracked the fortunes of other UAE markets in some respects, in other ways RAK stands apart, with its own identity and offerings. Survey Asteco Property Management’s review of property trends in the UAE from 2008 to 2014 compares the fortunes of the seven emirates. Its figures for the fourth quarter of 2014 show that…