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Abu Dhabi: Rakaa Properties, the real estate arm of Saudi Arabian conglomerate Rakaa Holdings, has announced a project valued around Dh1 billion comprising three towers on Abu Dhabi's Reem Island.
"There will be two residential towers and one tower to be developed under mixed-use. The average launch price of the units offered is Dh1,550 per square foot. The development is freehold and the targeted delivery is the fourth quarter of 2010," Mahmoud Naji, Rakaa's chief operating officer, told Gulf News on the sidelines of the ongoing Abu Dhabi Real Estate and Investment Show (IREIS) 2008.
He said the proposed tower Falcon Crest will have 139 units, while tower Dynasty will comprise 125 units. The third tower, Marina Tulip, will have 35 floors, eight of which will be offices, while the rest would be residential floors.
"Construction will start in a couple of months," Naji added.
Maiden venture
Naji said the venture in Abu Dhabi is Rakaa's first foray into UAE's real estate business.
"As of now, besides UAE, we have announced developments in Saudi Arabia and Jordan. We are in negotiations with several governments in the Middle East to carry out large-scale real estate developments," said Naji, declining to name the individual countries.
Naji said Rakaa's Abu Dhabi project is currently being funded by internal accruals, though he admitted that the company is being approached by banks for project finance.
"We want to be distinguished for the quality and uniqueness that we provide to our customers. Profit is not the sole motive," Naji added.
Rakaa Properties was founded in 1990 as a subsidiary of Rakaa Holding. Since its inception, Rakaa has developed a diverse range of property which includes office buildings, malls, residential apartments, luxury villas, farms and ranches across Saudi Arabia.
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