Rakeen looking to international opportunities

Rakeen is working on projects in RAK and oversease

The Ras Al Khaimah developer Rakeen has committed to its overseas projects, claiming that they are as important to the developer’s portfolio and success as its domestic RAK developments.

“Rakeen is not only a UAE developer,” said Rakeen MD Ghassan T Youssef.

“We now have projects in Congo, Georgia, Iran, Kyrgyzstan, India and Lebanon.”

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And Youssef added that Rakeen would continue to look for opportunities that fit with its Ras Al Khaimah model.

“Industry and increasing GDP are still driving demand for real estate – it’s not a place that was fashionable or over-hyped. We’ll continue to look at development opportunities internationally but they must all cater to a need.”

Although acknowledging that the financial climate had changed, Youssef insisted that Rakeen would continue to launch new projects but at a slower rate than previously and “as necessity demands”.

“We launched our Lebanon project [Beit Merri Sunset] earlier this year, for example, but we already owned the land there and land is scarce now in Lebanon. Everyone wants Lebanese land or real estate, so we launched a small residential development.”

However, Youssef said that there were still “huge needs” in real estate, hospitality and tourism in Ras Al Khaimah too, which Rakeen would continue to address.