By: Amr Adel
Dubai – Mubasher: Abu Dhabi-listed RAK Properties is planning AED 1.5 billion investments in 2017, CEO and managing director Mohammed Sultan Al Qadi told Mubasher in an interview.
The new investments will be mainly pumped in Hayat Island alongside other projects, Al Qadi added.
Hayat Island spreads over 6 million square feet and will be built with over 40,000 square metres of open space and landscaped areas.
The company will start the Hayat Island project worth AED 3 billion in the first quarter of 2018, Al Qadi noted, adding that he expects completion to be in early 2020.
RAK Properties has another project worth AED 5 billion in Mina Al Arab, which was launched at Cityscape 2016.
The developer also has plans for AED 5 billion worth of future projects until 2021, he said, adding that all RAK Properties' current projects are located in Ras Al Khaimah and Abu Dhabi.
The company is in the progress of building a 42-storey residential tower valued at AED 170 million on Al Reem Island in Abu Dhabi, which is scheduled for completion by the end of 2018, Al Qadi explained.
RAK Properties seeks to enter into partnerships with local and international developers, especially due to the expansion in the size of its project portfolio, the CEO added.
The Abu Dhabi-listed developer is considering a sukuk issue to diversify its financing resources on the long term.
The company plans to focus on carrying out projects in Dubai through developing its three land plots in the emirate, Al Qadi concluded.
Translated by: Julian Nabil