RAK Properties hands over villas at Mina Al Arab
Developer scales back 325ha Ras al Khaimah project after downturn
RAK Properties has handed over 214 beachfront villas at its 325ha Mina Al Arab development on the Ras Al Khaimah coastline.
The developer has four main developments across Ras al Khaimah and Abu Dhabi. The Mina Al Arab masterplan originally comprised six distinct districts, but was scaled back due to the downturn.
In early August, RAK Properties announced that net profits had fallen by 38% and 28% for the last three-month and six-month periods respectively, compared to the same period in 2010.
Commenting on the handover, RAK Properties MD and CEO Mohamed Sultan Al Qadi said the development includes 2.2km of jogging tracks, a 250m2 swimming pool, tennis courts and a children’s play area. “Open and landscaped area accounts for 60% of the total development.
"The community stretches across a 900m-long private beach,” said Al Qadi. “We look forward to creating a self-sufficient community within Ras Al Khaimah,” he concluded.