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RAK Investment Authority unveils the “Gateway”, RAK biggest real estate project

United Arab Emirates: Monday, July 14 - 2008 @ 13:19

During the celebration, it was also announced that selling of the project’s land to the property investors and developers has been opened.

The “Gateway City” lays in a very vital site on Emirates Road between exits 119 and 122 alongside the road and behind the new World Trade Center in RAK.

Rakeen Company, one of the important developer companies in RAK is currently developing the project; leveling and planning its infrastructures as well as providing all the services required. As for “YES Property Investment” Company, one of the remarkable companies in Dubai for property development and marketing is carrying out the marketing operations for the first phase of this huge project.

Details of the project, its investments, and strategies were announced in the presence of Mr. Wahid Atallah Member of “RAKEEN’ Board, along with Eng. Yousif Nassir, the Chairman of the Board of “Yes Property Investment”.

During the conference Mr. Wahid Atallah made it clear that the project is a multi-purpose and use which includes many pieces of land designated for housing towers, business and administrative offices. In addition to that, this project provides the property developers with good investment opportunities through purchasing these lands and then developing them into housing and business projects. In turn, this will constitute an important opportunity to harvest the highest investment revenues due to the project’s unique location in a very vital and promising area.

Mr. Atallah also stated that “Gateway City” provides 60 million feet for investment which will allow investors to build towers containing units with privileges of free ownership and possession for project investors from all nationalities. He then added that the project will be carried out over five phases, the first one is almost finished, hoping the rest will be finished soon. Mr. Atallah stated that RAK witnesses the establishment of many huge projects due to the fact that RAK is providing the investors with a prosperous and promising environment allowing them to gain the highest investment revenues. These investment privileges are also available in the “Gateway” in its unique and vital location alongside Emirates Road.

Also the project provides various options and choices to investors to obtain pieces of land for the purpose of business or housing development through constructing buildings and towers with different heights and areas. It is expected that the city will witness an increase in the volume of investments.

Rakeen has received the project’s land and is currently leveling and preparing the facilities and the infrastructures in the land in such a way that commensurate with the envisions and expectations of the investors. The company has finished the city designs and sketches with distinguished internal streets and roads taking into consideration that all towers and buildings will have magnificent overlooking the parks and green flat areas, and convenient wide roads for all residents of the city.

On his part, Eng. Yousif Nassir, the Chairman of “Yes Property Investment” stated that ”Rakeen” and after the first phase delivering will start delivering the second and third phases which expected to be finished within a period between 6 -18 months for leveling and preparing the facilities. He also stated that 60% of the city area will be designated for services and green flat areas to be the breather or the escape for the city community. For the distinguished projects in the city, a commercial market will be established with high standards of architecture style equal to those of other famous international markets. In addition to that, the World Trade Center and the Exhibition Center are also there as another privilege.

He also said that the “Gateway” project is receiving great support from RAK Government .He also talked about some of the primary support sources for the project that came from RAK Investment Authority through providing the investors with easy installment payments without interests. Delivering the lands will take place in 2008 & 2009. He explained that “Yes Property” has been in the UAE Market since quite a long time and has gained its reputation through constructing a number of real estate projects. Thus the “Gateway” is an important and solid step on the way of the company’s presence in the UAE market. The company is also planning to execute other projects in the future.

As for marketing, Eng. Yousif stated that his company will carry out the exclusive marketing of the “Gateway” inside and outside the country. Based on the company’s long experience in the field of developing and marketing, the company will carry out the marketing operations in many ways and techniques. He emphasized the fact that “Yes” Company is basically a developing company, and that has helped us greatly in marketing. We have succeeded in the past through developing and marketing many property projects.

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Monday, July 14- 2008 @ 13:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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