UAE’s economy based on solid foundations: RAK Properties Acting CEO
RAS AL KHAIMAH, 26th October, 2021 – Mohammed Al Tair, Acting Chief Executive Officer of RAK Properties, said the UAE’s economy is based on solid foundations and has overcome many global economic challenges in recent years, including the coronavirus (COVID-19) pandemic.
The UAE was among the first countries to return to normalcy after the pandemic and is currently hosting Expo 2020 Dubai, which is the largest international event taking place after the pandemic, he added.
It will have a major impact on the UAE’s economy, in general, and the tourism and real estate sectors, in particular, he noted.
In an interview with the Emirates News Agency (WAM), Al Tair highlighted the company’s optimism at the organisation and hosting of Expo 2020 Dubai, stressing the event is associated with several positive signs, including the surge of occupancy rates in the tourism sector in Dubai and other emirates.
Speaking about the company’s stature and economic and investment position 15 years after its establishment, he noted the company’s total investments amount to over AED15 billion, adding it has engaged in many projects in various real estate sectors since its establishment in 2005, upon an Emiri decree issued by H.
Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, and it has future expansion plans in a variety of sectors.
“The laws currently in force in the emirate support real estate investment, in general, and foreign investments, in particular, such as the free ownership law that allows foreign investors to have full ownership of the real estate,” Al Tair said.
Consultancy meetings are also being held between real estate developers, including RAK Properties and relevant departments in the emirate, to discuss the process of drafting real estate laws, he further added.
Speaking about the “Mina Al Arab” project, Al Tair pointed out it is located on an area covering 66 million-square-feet, at a total cost of AED10 billion.
The project comprises 24 phases, with 14 being already developed and delivered while three additional phases are being developed and delivered.
On the importance of the tourism sector in supporting the emirate’s economy, Al Tair affirmed Ras Al Khaimah is a key tourism destination and has natural resources and tourism attractions that support the sector.
As a leading real estate developer in the emirate, RAK Properties prioritises investing in this sector by building two hotels with investments worth AED800 million, he added, noting the first hotel is the InterContinental to be inaugurated end of this year, while the second is the Anantara resort to be completed in 2022.