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Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah



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Old October 9th, 2008, 05:15 PM   #121
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can any one post the various development locations on marjan island, thanks
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Old October 9th, 2008, 05:57 PM   #122
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Boris Becker unveils Dh3bn worth resort property in Ras Al Khaimah

09-Oct-2008

Renowned tennis player Boris Becker unleashed Gulf's most ambitious integrated luxury mega-resorts the Boris Becker Beach Resort & Tennis Academy partly owned by the legendary player himself. With a value of Dh3 billion, this recreational and residential property includes premier holiday homes, world-class luxury resort and spa facilities, a five-star hotel, and a world-class Tennis Academy.

It is situated at the entrance of Ras al Khaimah's prestigious real estate property Al Marjan Island, the sprawling 2.5 million square-foot project offers a rare dual oceanfront advantage. A project of this scale and nature has never before been attempted and is attracting significant interest from global investors.

Target mainly at global real estate investors in the top-end holiday-homes segment, the Boris Becker Beach Resort and Tennis Academy will offer a 'buy-to-use & lease" option prevalent across major investor holiday-home destinations in Dubai.

http://www.gowealthy.com/gowealthy/w...539631651.html
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Old October 9th, 2008, 11:10 PM   #123
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Sorry, had probs uploading, but link shows the Becker Resort.

Last edited by jeffers; December 29th, 2008 at 08:22 PM.
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Old December 2nd, 2008, 01:53 AM   #124
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$2.4bn plan revealed for Ras Al Khaimah



by Andy Sambidge on Monday, 01 December 2008

A new development company has revealed plans for a nine billion dirham ($2.4 billion) project in Ras Al Khaimah.

Solanki Holdings, a UAE-based conglomerate, has announced that its newest company, Solanki Real Estate, is planning a total investment of 12 billion dirhams in the sector.

The flagship venture is a development on Ras Al Khaimah's scenic Al Marjan Islands, company chiefs said.

The community will comprise of residential villas and apartments, commercial property and hotels. It will also include an elaborate shopping mall, with various entertainment options and retail offerings at par with those in Dubai.

The development is a part of the initiative by the group to extend the scope of medium to high-end properties offered in the country to the Northern Emirates.

Despite the current crisis faced by the real estate market, Solanki chief say they are confident regarding its choice of time to launch.

They said business activity has been on the rise in Ras Al Khaimah, with the RAK Free Trade Zone being one of the fastest growing free trade zones in the country.

And the Ras Al Khaimah government has predicted that its population will go from just under 200,000 to 750,000 by the year 2020.

Abdulrahman Ismail Solanki, chairman of Solanki Holdings, said: "Ras Al Khaimah's spectacular Al Marjan Islands were an obvious location choice for us, serving as a beautiful backdrop for a mixed-use community while giving us the opportunity to cater to the emirate's growth in terms of commercial activity, tourism and population."

Following the launch of the Al Marjan Islands project, Solanki Holdings plans to extend its real estate offerings to other emirates, starting with Dubai, including International City, Dubai Silicon Oasis, Dubailand and Jumeirah Village.

http://www.arabianbusiness.com/53997...ras-al-khaimah
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Old January 9th, 2009, 05:55 AM   #125
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Dubai's Rera unveils plans to calm property market

I saw this on the Dubai Property board. What is RAK's equivalent to Rera? This what we need, payment on actually construction progress!

Dubai's Rera unveils plans to calm property market

Dubai's Real Estate Regulatory Authority has released a series of announcements to offer guidelines to help settle the turmoil currently underscoring the emirate's property market, including payment plans, developer gradings and a rental index.

The body has targeted developers with a series of notices concerning guidelines for the collection of investor payments.

Although no legislative decision has been made, Rera has told developers that buyers should pay no more than 20% of the cost of a property as an initial installment.

The remainder would then be paid in installments that are linked to the progress of the construction of the project and are commensurate with how far advanced the building is.

If payments over these amounts have been made and construction has yet to begin, investors could have a case for holding payments until the project is underway, although advice on specific cases should be sought.

Though these guidelines are not legally binding developers will be keen to work with Rera. 'The companies will want to work with the Rera and keep them onside,' Alexis Waller, partner at legal firm Clyde and Co, tells AME Info.

'These letters have been going out for a while, since November, but they are guidelines rather than law. The money is in escrow accounts, not with the developers, so the buyers are protected anyway.'

An 11-member Real Estate Development Trust Account Department has been set up by Rera to monitor the use of the escrow amounts, and ensure that amounts beyond the 20% are not collected until construction begins.

In parallel with this, potential investors in the city's property market will be able to check the status of Dubai's developers using a real estate ranking system currently being created by Rera.

Dubai developer grading

In answer to developers' worries as to the increasing number of investors who find themselves unable to pay installments and consider defaulting, Rera is considering proposing amendments whereby developers may be able to hold off repaying balances to buyers who are breach their contracts until the unit is resold.

The city's developers will be graded according to their liquidity, market experience, and the number of projects they have undertaken and completed. The scheme is being designed to increase investor confidence in the city's projects, and has generally been warmly received, despite some suggestions that smaller companies would be frozen out of the market.

Rera has also finalised its residential rental index, which has been sent on to the Ruler's Court for final approval. The final unveiling is expected by the end of the month, and the figures therein will not be mandatory, but rather serve as an indication of rents and tenancies for particular areas.

http://www.ameinfo.com/180558.html
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Old March 21st, 2009, 02:43 PM   #126
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DEAR LA HOYA BAY (LHB) INVESTOR,

Date: 18 March 2009
DEAR LA HOYA BAY (LHB) INVESTOR,
As I am sure you aware, Khoie Properties and the LHB project have been undergoing a number of serious financial difficulties that require urgent corrective action. I am DELIGHTED to report to you that the Government of Ras Al Khaimah through the RAK Investment Authority (RAKIA) is in the process of evaluating the La Hoya Bay project for a full or partial takeover subject to the resolution of a number of legal, financial and design issues.
In my capacity as an independent negotiator between the parties, I have received an official mandate from RAKIA to communicate with all the investors of the LHB project. My mandate is to ascertain that investors would be prepared to accelerate the current payment terms as a condition for RAKIA’s successful takeover of the La Hoya Bay project. Please find attached a copy of the letter from Dr Khater Massaad, the CEO of RAKIA.
The change in the payment plan will ensure the collection of 80% of the purchase price (an additional 50% plus the 30% already paid) prior to hand-over over a 15-month period as per attached letter. For those who have paid more or less than 30%, their payments must increase to a total of 80% over the same period. This is necessary in order to provide a secure financial foundation for RAKIA to proceed with the construction of the project. All monies will be deposited in a RAKIA-controlled Escrow account. RAKIA has already identified a AAA construction company who is in a position to commence construction activity quickly upon takeover. Once the investors confirm their agreement to the new accelerated payment plan, RAKIA will guarantee the implementation of the La Hoya Bay project in a short period of time.
Based on the above, I am hereby requesting the investors to confirm their agreement in principle and willingness to the accelerated payment plan and to sign a new sale contract with RAKIA in the interest of all parties failing which the takeover would not be financially possible. RAKIA fully appreciates the investor disappointments with the progress of the project so far and it is doing whatever it can to find a feasible financial and legal solution to ensure the completion of the project.
Clearly, some amendments to contracts etc. will be necessary, but at this stage I need your written confirmation that in principle you would accept the revised payment terms which would enable RAKIA to complete what we all consider to be a magnificent project that offers great value. The accelerated payment plan is a necessary component of the rescue package and I encourage all the investors to respond positively and quickly so that the takeover can take place and the construction can restart without further delay. RAKIA is very keen to conclude this matter and move forward as quickly as possible. I would therefore request that you respond back to me within 7 days (by 26 March 2009) and confirm your acceptance of these payment terms through email.
Please note that, as mandated by RAKIA and agreed upon by Khoie Properties, I am the sole negotiator regarding the handover of the LHB project to RAKIA and please avoid any contact or solicitations by any third party who may claim to represent the investors, RAKIA or Khoie Properties in this regard. I am happy to discuss this matter with you further and please do not hesitate to contact me.
Please send your replies to the following email: lhb.rak@gmail.com with cc to: wahid@rakeen.com
Yours Sincerely,
Dr Ahmad Jazayeri
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Old March 21st, 2009, 02:44 PM   #127
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David Bostock and Neil Patteson

Dear Investor ,

This is to inform all La Hoya Bay Investors that David Bostock and Neil Patteson were self appointed and do not have any official mandate from either RAKIA or Khoie Properties for any involvement in the handover negotiations. They have been prevented from enterring Khoie Properties premises and the "minutes of the meetings with RAKIA" that they had posted on the investor website have been denied by RAKIA officials.

Dr Ahmad Jazayeri

E-Mail:lhb.rak@Gmail.com
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Old March 27th, 2009, 11:45 PM   #128
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Construction Update

30/10/08
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Old April 6th, 2009, 03:12 PM   #129
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Press Release

Rakeen completes reclamation of USD 1 billion Al Marjan Island development in Ras Al Khaimah

Infrastructure work in full swing for water, electricity, district cooling, sewerage, telecom, roads, channel crossing and street lighting facilities

April 6, 2009
Rakeen, one of the region's most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government, has announced that it has recently completed reclamation work of the USD 1 billion Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah, effectively expanding the emirate's coastline by an additional 21 kilometres. Rakeen has also revealed that infrastructure work for Phase One of the 2.7 million square metre project is underway, covering water, electricity, district cooling, sewerage, storm water service drainage, telecommunication, roads, channel crossings and street lighting facilities.

Phase One of the infrastructure works comprises the Peninsula, Island No.1 and Island No.2 of the four-island cluster project. Rakeen is responsible for the reclamation and infrastructure works of Al Marjan Island and is also developing Bab Al Bahr, the island's inaugural development project that will serve as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for other prestigious development projects on Al Marjan Island.

Dr. Fawzi Shadid, Infrastructure and Project Director at Rakeen said: “In line with the vision of H.H. Sheikh Saud bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, Rakeen has embraced the core values of sustainability, responsibility and prosperity in developing Al Marjan Island as an attractive, sustainable and eco-friendly community. We have maintained the highest standards in all aspects of the project, and have adopted modern technology and pro-environment techniques that will distinguish Al Marjan Island as an environmentally friendly business and residential destination in the region. Moreover, our commitment to protect the interests of investors and stakeholders of the project is clearly manifested by Rakeen's timely completion of the project's reclamation work."

Rakeen completed the reclamation work of the entire Al Marjan Island after finalising the sand filling and rock work of Island No.3 in January 2009. Reclamation works of Island No.2 and Island No.4 were completed in 2008. When Rakeen took over as master developer of Al Marjan Island from the Public Works Department in May 2007, the Peninsula, Island No.1 and about 40 per cent of Island No.2 had been reclaimed.

The beach formation for Islands No. 3 and 4 has been completed as part of the dredging contract. For the Peninsula and the Islands No. 1 and 2 the beach formation will be performed at a later stage and after construction of most of the developments on these islands.

Rakeen has adopted the latest advanced technologies in the rock installation work such as the 3D modelling system and the Differential Global Positioning System (DGPS).

Rakeen also revealed that construction of Bab Al Bahr is in full swing with the first residential buildings scheduled for handover in mid 2010. Bab Al Bahr is a mixed-use development comprising six residential buildings, an office and mall tower and a hotel. Other developments on Al Marjan Island are also underway such as the Pacific by Select Group and the Marbella Bay by Manazel.

Extending some 4.5 kilometres into the sea, Al Marjan Island will feature a range of residential developments, hotels, resorts, recreational facilities and commercial & retail amenities. Al Marjan Island is one of various upscale development projects undertaken by Rakeen, whose portfolio also includes Bab Al Bahr, Banyan Tree Resort, the RAK Offshore City, Gateway City, RAK Convention Centre, Banyan Tree Resort and Dana Island.

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Old April 9th, 2009, 01:27 PM   #130
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Press Release

Rakeen completes piling and cut-off works of key building projects within Bab Al Bahr as superstructure work gets underway

Over 5,000 cubic metres of concrete being poured weekly in various sections of the project as Rakeen stays on track with construction schedule

April 9, 2009
Rakeen, one of the region's most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government has announced that it has completed piling, cut-off and pile testing works and started super structural works of the building projects within the AED 1 billion Bab Al Bahr project, the centrepiece development of the Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah. Rakeen further revealed in its monthly status report that an impressive 5,000 cubic metres of concrete is being poured every week in various sections of the development, keeping the project well within schedule, particularly for its planned mid 2010 completion of the first residential units.

For the Fayrouz, Kahraman and Yakout buildings, erection of the structural columns and shear walls of the basement has been almost completed. One further milestone in the super structural work of these buildings is the considerable progress of the basement ceiling. Rakeen has likewise completed piling and pile testing works of the Marmar, Amwaj and Zumourud buildings with slab on grade and water proofing works for footing in progress.

Hicham Yassin, Technical Director of Spectrum Consultants, the Owners Representatives for Bab Al Bahr, said, “We are pleased with the construction progress at the Bab Al Bahr project thus far. In the residential buildings of the project, 22 per cent progress has been achieved, which is a major milestone.”

Rabih Haydar, Project Manager, Rakeen, said, “Overall project works are progressing as scheduled and we are confident that Bab Al Bahr residents will be able to occupy their apartments as promised. Rakeen has remained fully committed to achieve its targets and construction deadlines as we firmly believe that consistency will greatly contribute in strengthening investor confidence in the Bab Al Bahr project. We also enjoy the full support of the Ras Al Khaimah Government, which has significantly helped enhance the reputation of Bab Al Bahr as a groundbreaking development within the emirate and beyond. Rakeen will continue to adhere to our core values of sustainability, responsibility and prosperity as we move closer towards completing this historic development in Ras Al Khaimah."

As part of its efforts to provide timely information to investors and project stakeholders, Rakeen has issued monthly status reports that include pictures of the Bab Al Bahr development. The latest issue in March shows significant improvements in the structural, internal and external walls, while work on slabs and steel fixings are also underway.

Rakeen has encouraged all interested parties to visit the construction site by setting up an appointment at the newly established Sales Centre located on Al Marjan Island, adjacent to the Bab Al Bahr project. The Sales Centre is equipped with offices and a multi-function room where investors and property buyers can discuss various options in acquiring properties within Bab Al Bahr. The Sales Centre also showcases model units of one and two-bedroom apartments, providing clients an exclusive opportunity to sample the distinctly rich lifestyle of Bab Al Bahr.

Upon completion, Bab Al Bahr will comprise 136 studio apartments, 356 one-bedroom apartments, 236 two-bedroom apartments and 104 three-bedroom apartments. Among the luxurious amenities being offered by the integrated development are 180-degree sea view, 560-metre private beach, gym facilities, underground car parking, themed swimming pool, ample children's play area, and hotel and club privileges.

Bab Al Bahr is the inaugural development project within Al Marjan Island and serves as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for other prestigious development projects on Al Marjan Island.



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Old May 28th, 2009, 09:08 AM   #131
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Press Release

Rakeen reaches two storeys in construction of residential buildings of Bab Al Bahr

Superstructural work progressing as scheduled while amount of concrete poured daily now increased to 2,000 cubic metres

May 28, 2009
Rakeen, one of the region's most dynamic property developers and master planners, has announced that it has reached two storeys in the construction of residential buildings of the AED 1 billion Bab Al Bahr project, the centrepiece development of the Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah. Rakeen has further revealed that it continues to progress smoothly with superstructural work as the project stays well within schedule of the planned mid 2010 completion of the first residential units.

Rakeen disclosed that ground floor and first floor slabs are likewise progressing well. Steel reinforcement works, and concrete pouring and casting have remained in full speed, with the amount of concrete being poured increasing by the week up to, at times, 2,000 cubic metres per day.

Herbert Krause, Director of Development, Rakeen said: "On-site progress of the Bab Al Bahr project is ongoing as scheduled. Rakeen is working closely with all the consultants and the construction teams to ensure timely completion and handover as all of us are aware of the importance of this signature project of Al Marjan Island."

"Moreover, in these times of global economic challenges, the proper handling of this project will send out the right message to investors and the public and boost their confidence in the strength and resiliency of the Emirate and the strategic leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. We also warmly welcome investors and the public to contact our offices for further information or visit the site and personally witness the construction progress," added Krause.

Ghassan Youssef, Managing Director, Rakeen, said: "The management is firmly focused on completing this unprecedented development as we have pledged to honour our commitment to our customers. The successful completion of this project will not only benefit the investors, but on a bigger scale it will also contribute in sustaining the economic development and sustainability of Ras Al Khaimah. All parties involved in this project have performed remarkably well and we make sure that they have our full support. As a result of the excellent teamwork in the development of this project, Bab Al Bahr, on the peninsula of Al Marjan Island, has been recognised as one of the most sought-after developments in Ras Al Khaimah."

Upon completion, Bab Al Bahr will comprise 136 studio apartments, 356 one-bedroom apartments, 236 two-bedroom apartments and 104 three-bedroom apartments. Among the luxurious amenities being offered by the integrated development are 180-degree sea view, 560-metre private beach, gym facilities, underground car parking, themed swimming pool, ample children's play areas, and hotel and club privileges.

Bab Al Bahr is the inaugural development project on Al Marjan Island and serves as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for additional prestigious development projects on Al Marjan Island.



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Old July 2nd, 2009, 02:13 PM   #132
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Phase-2 of infrastructure work on Al Marjan Island property commenced in RAK

http://www.gowealthy.com/gowealthy/w...525056256.html


UAE's most dynamic property developers, Rakeen is poised to start in August this year Phase Two of the infrastructure work on Al Marjan Island, man-made island in Ras Al Khaimah, after awarding the contract to Rizzani. UAE's property developer further added that Phase Two of infrastructural work, which will be completed in 18 months, will cover Island 3 and Island 4 of Al Marjan and will cost Dhs365 million.

Dr. Fawzi Shadid, Infrastructure Manager, Rakeen, said: "It is our top priority to fast-track the completion of infrastructure work as various projects that are being built on Al Marjan are dependant on the infrastructure facilities. With Phase One of the infrastructure work progressing well on schedule, we are now fully prepared to commence work on the second phase after we identified the Contractor for the job."

The infrastructure work will cover facilities for electricity, water, drainage, telecommunications, soft and hard landscaping, channel crossings, street lighting and fire fighting installations. Phase One of the infrastructure work, which covers the Peninsula, Island 1 and Island 2, was started in July 2008 and is expected to be completed in June 2010 at a cost of Dhs366 million.
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Old July 2nd, 2009, 10:21 PM   #133
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same news,

Press Release

Rakeen to commence Phase Two of infrastructure work on Al Marjan Island in August 2009

Contract awarded to Rizzani to complete AED 365 million infrastructure project in 18 months



July 2, 2009
Rakeen, one of the region's most dynamic property developers and master planners, announced that it is all set to commence in August this year Phase Two of the infrastructure work on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah, after awarding the contract to Rizzani. Rakeen further revealed that Phase Two of infrastructural work, which will be completed in 18 months, will cover Island 3 and Island 4 of Al Marjan and will cost AED 365 million.

The infrastructure work will cover facilities for electricity, water, drainage, telecommunications, soft and hard landscaping, channel crossings, street lighting and fire fighting installations. Phase One of the infrastructure work, which covers the Peninsula, Island 1 and Island 2, was started in July 2008 and is expected to be completed in June 2010 at a cost of AED 366 million.

Dr. Fawzi Shadid, Infrastructure Manager, Rakeen, said: "It is our top priority to fast-track the completion of infrastructure work as various projects that are being built on Al Marjan are dependant on the infrastructure facilities. With Phase One of the infrastructure work progressing well on schedule, we are now fully prepared to commence work on the second phase after we identified the Contractor for the job. We have thoroughly reviewed all aspects of the infrastructure work to ensure that all elements comply with our strict quality standards, particularly with regards to sustainability and minimal environmental impact. Rakeen has addressed all relevant construction issues to ensure that Al Marjan Island will be a true lifestyle haven for citizens and residents of Ras Al Khaimah."

Herbert Krause, Director of Development, Rakeen, said, “This project means a lot to everyone at Rakeen and in Ras Al Khaimah, as it is pioneering in so many ways: building technology, environment and marine ecology, tourism and hospitality, residential exclusivity, leisure and sports facilities, and also because it enhances the skyline and the international image of the emirate.”

Al Marjan Island is a pioneering development project that effectively extends the emirate's coastline by an additional 21 kilometres. Reaching some 4.5 kilometres into the sea, Al Marjan Island will feature a range of residential developments, hotels, resorts, recreational facilities and commercial and retail amenities.
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Old July 12th, 2009, 10:33 AM   #134
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Press Release

Luxury resort-inspired housing complex of Al Marjan Island completes foundation and piling works

AED 400 million Marbella Bay offers modern waterfront lifestyle in a verdantly landscaped community

July 12, 2009
Manazil Real Estate has announced the recent completion of piling works, load tests, foundations and basement of Marbella Bay, a luxury resort development on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah. The property units of the project have a combined value of approx. AED 400 million. Manazil has further revealed that it has closely coordinated with Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, for the smooth and safe development of the project and on-time delivery of property units to the customers.

Designed to be one of the finest resorts in the UAE, Marbella Bay comprises luxurious waterfront apartments and a range of leisure facilities in a verdantly landscaped community inspired by the architectural style of the historic Spanish region of Andalusia. Manazil has awarded the construction contract of the project to Nasria Construction Company, which is now working on the project's second parking floor and has completed a furnished mock-up flat at the site, providing customers a preview of the size and type of finish of their future residence. Manazil further revealed that various property units of the project have been sold for a combined total of AED 250 million.

Eng. Yehia Kambris, General Manager, RAKIA RERA said, "RAKIA has been closely monitoring the progress of the entire development as well as other projects being constructed on Al Marjan Island. We are also making sure that all developers comply with the escrow account regulations, and that development projects are constructed according to RAKIA's strict building regulations. Furthermore, we are closely working with Manazil and the rest of the stakeholders of Al Marjan Island to make sure that construction work on the different property developments progress smoothly and harmoniously. RAKIA is making this one of our top priorities as part of our efforts to reassure investors and safeguard their interest."

Eng. Abdul Mohsen Al Hammadi, CEO, Manazil Real Estate said: "We have achieved great progress in the construction work of Marbella Bay as RAKIA has provided critical strategic support that has contributed significantly to the healthy pace of development. We are very optimistic of the excellent prospects of this project as Marbella Bay is poised to emerge as one of the most exciting island-inspired residential destinations in the region."

Marbella Bay will encompass a total area of around 500,000 square feet. Only about 60 per cent of the project site's total land area has been used for the buildings, with the remaining space dedicated to communal parks, swimming pools and lakes. The project consists of a ground floor, two floors dedicated for car parking, and seven floors dedicated for a combined total of 430 residential and commercial units.

Marbella Bay will feature cafes, retail shopping and sea food restaurants overlooking the Arabian Gulf, and will also be equipped with separate health club facilities for men and women, outdoor and indoor swimming pools with temperature control facilities, multi-purpose halls equipped with TV, free internet access, billiard and snooker tables; children playing areas equipped with TV monitoring systems with full parental access in the apartments; a fully serviced mosque; a range of water activities such as fishing, scuba diving, jet skiing and boat trips; and 24-hour security and maintenance services.

Al Marjan Island is a pioneering development project that effectively extends the emirate's coastline by an additional 21 kilometres. Reaching some 4.5 kilometres into the sea, Al Marjan Island will feature a range of residential developments, hotels, resorts, recreational facilities and commercial and retail amenities.





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Old July 14th, 2009, 11:48 AM   #135
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Press Release

Foundation work underway for prime residential component of Al Marjan Island

Escrow account requirements completed as properties in Pacific residences now available in investor-friendly payment plans

July 14, 2009
Select Group and Select Property have announced that the final piling and layout are underway for the foundations of the Pacific, a prime residential development on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah, as the Pacific remains well on schedule for its June 2011 expected completion date. The joint developers have likewise fully completed all construction requirements and complied with the escrow account regulations of Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, as properties within the exciting residential development are now being offered in various lengthy and attractive payment plans.

Pacific is located in a prime location at the top isle of Al Marjan Island, offering exclusive private beaches. The residential complex also features 24-hour security, rooftop infinity pools and health clubs, saunas, steam rooms and Jacuzzis. The development is equipped with a full range of complementary facilities and amenities, including several dining and shopping outlets.

Eng. Yehia Kambris – General Manager, RAKIA RERA said: "Maintaining a healthy pace of development is one of our key priorities, which is why we are closely and constantly monitoring the progress of the Pacific as well as the rest of the property developments on Al Marjan Island. RAKIA has also been coordinating with all developers to ensure that all properties are built according to the highest quality standards and specifications that we have set beforehand. At the same time, we are making sure to protect the interest of investors by strictly enforcing the escrow account regulations."

Rahail Aslam, CEO Select Group said: "Pacific will be one of the most exciting and relaxing residential destinations in the region, featuring a wide variety of contemporary residences within a delightfully landscaped beachfront community. The project will certainly be one of the key highlights of Al Marjan Island, complementing the growing reputation of Ras Al Khaimah as a fast-emerging lifestyle destination in the region. It has been a great advantage for us that RAKIA has been providing invaluable strategic support, which has contributed in the smooth transition of the various phases of development and has helped us stay well within the construction schedule."

Pacific consists of six contemporary designed residences: Samoa, Bora Bora, Tonga, Polynesia, Fiji and Tahiti, each offering panoramic views of the Arabian Gulf and the natural surroundings of Ras Al Khaimah. The residential complex will have a range of spacious studios, one-bedroom apartments, two-bedroom Beach Duplexes, Gulf Suites and Pacific Suites.

Each Beach Duplex is located on the ground and first floor, allowing residents to fully exploit Pacific’s beachfront location and also enjoy a private garden area. While the Pacific Suites offer views from a private balcony, the Gulf Suites are located at the tip of each residence.

Al Marjan Island is a pioneering development project that effectively extends the emirate's coastline by an additional 21 kilometres. Reaching some 4.5 kilometres into the sea, Al Marjan Island will feature a range of residential developments, hotels, resorts, recreational facilities and commercial and retail amenities.






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Old September 2nd, 2009, 01:28 PM   #136
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Press Release

RAK Court appoints Rakeen as judicial custodian of Khoie Properties

Rakeen takes over as custodian of USD 800 million La Hoya Bay project to the relief of some 800 investors

September 2, 2009
Rakeen, one of the region's most dynamic property developers and master planners, has recently been appointed as judicial custodian of Khoie Properties following a recent ruling by the Ras Al Khaimah Court. Khoie Properties had become insolvent, defaulted on land payments and failed to deliver on its promise to buyers of units in La Hoya Bay, its main project in Ras Al Khaimah, prompting the Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, to appeal to the court requesting that Khoie Properties be brought under judicial custodianship until the completion of La Hoya Bay by a competent real estate developer to ensure that the rights of investors are protected.

Rakeen, which is the development arm of RAKIA, will subsequently take over as the judicial custodian of Khoie Properties until the completion of La Hoya Bay, a USD 800 million waterfront residential and leisure complex on Ras Al Khaimah's Al Marjan Island, to the relief of some 800 investors. The investors, including around 400 from the UK, had already made a 30 per cent initial payment to Khoie Properties, which failed to keep its promise. Rakeen stated that it will protect the rights of the investors, which means that those who have made the 30 per cent down payment will only be required to pay the remaining 70 per cent. Furthermore, 50 per cent of the balance will be paid in five instalments of 10 per cent each, with 20 per cent to be paid upon handover.

Dr. Khater Massaad, CEO of RAKIA, said, "The RAK Court's decision to appoint Rakeen as custodian of Khoie Properties is a significant step that promotes and protects the welfare of investors and property buyers in Ras Al Khaimah. Furthermore, La Hoya Bay is a high-priority project as it is one of the key components of the first phase of developments on Al Marjan Island. With so much at stake, we believe that keeping this project on track will further consolidate the reputation of Ras Al Khaimah and highlight the local government's proactive support to all investors."

Wahid Attalla, Executive Director, Rakeen, said, "In light of the events that have transpired, our top priority right now is to reassure investors and protect their investments. As such, Rakeen has opened an escrow account as part of measures to promote transparency, and we are committed to complete the La Hoya Bay project and deliver it to the buyers. This will give investors peace of mind as they don't have to worry about the 30 per cent payment they have earlier made to Khoie Properties; Rakeen will only be asking them to pay the remaining 70 per cent in an easy instalment program."

La Hoya Bay Residence comprises seven residential towers and over 1,400 residential apartments along with three swimming pools, tennis courts, restaurants and shopping facilities nested between white sand beaches and lush green landscapes. The Mediterranean-inspired La Hoya Bay Business Village offers freehold office spaces with free-zone licences.
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Old October 21st, 2009, 01:16 PM   #137
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This from ConstructionWEEKonline.com, 21st Oct 2009:

Al Marjan infrastructure work to begin next month

Infrastructure works on phase two of the man-made Al Marjan Island in Ras Al Khaimah will begin next month, local developer Rakeen has revealed.

The work will cover facilities for electricity, water, drainage, telecommunications, soft and hard landscaping, channel crossings, street lighting and fire fighting installations for Island 3 and Island 4 of the development.

Italian company Rizzani was awarded the infrastructure contract for phase two in July this year.

Speaking to Construction Week, Rakeen infrastructure director Fawzi Shadid said: “Infrastructure work for phase one of the development is progressing and work is about to start on the second phase. The expected completion date is 2012.”

Phase one of the infrastructure work, being developed by Kunho Industrial Company, comprises the Peninsula, Island 1 and Island 2 of the four-island cluster project.

Rakeen is responsible for the reclamation and infrastructure works of Al Marjan Island and is also developing Bab Al Bahr, which will serve as a gateway to the island community.

Bab Al Bahr, which will feature apartments, retail and office spaces “will be completed in August 2010,” added Shadid.

The cost of the entire infrastructure works totals around US $199 million (AED731 million).

Al Marjan is set to become the first man-made Island in the emirate and will consist of water front homes, floating villas, hotels, resorts and leisure facilities.

Reclamation and dredging works on the $1 billion project in Ras Al Khaimah is now complete.
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Old October 22nd, 2009, 01:53 AM   #138
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First Al Marjan towers due for 2010 delivery

http://www.constructionweekonline.co...2010-delivery/
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Old October 22nd, 2009, 01:56 AM   #139
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http://www.constructionweekonline.co...in-next-month/
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Old October 26th, 2009, 11:33 PM   #140
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Construction Update --- Oct/09


Marbella Bay Project


http://www.manazilnews.com/#mar
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