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Property in Ras Al Khaima has seen some tremendous
growth in recent times.
One of the first projects by the Ras Al Khaimah's government
run company RAK Properties is Julfar Towers.
Julfar Towers is a residential and commercial freehold
development project. Being developed at a cost of US$
109 million, Julfar Towers will comprise of two 40-storey
towers, one for residential use and the other for commercial
use. The residential tower will contain 349 apartments
that will range from studios to 4 bedroom deluxe flats
and a limited number of exclusive duplexes.
The commercial tower will have 469 office units of varying
sizes.
The twin towers will be constructed over a three level
podium that will provide retail and food outlets. Additional
benefits will come in the form of an advanced business
center, parking area to accommodate 1500 cars, a fitness
center, and a kindergarten school. The view from Julfar
Towers will be of the creek, mangroves and mountains and
the location is within minutes of Manar Mall, beaches,
and the golf club.
Another facet of the serious development of property
in Ras Al Khaima can be witnessed in through the plans
that indicate the tripling in the number of hotels for
rapid expansion of the tourism sector. As many as twenty-five
new hotels are expected to come up in Ras Al Khaima very
soon.
Ever since the Emirates government started to focus strongly
on tourism and service industries to veer its economy
away from oil dependence the tourism sector in Ras Al
Khaima has literally exploded.
One of the leading hotel brands that will soon be arriving
in Ras Al Khaima is the Banyan Tree Hotels & Resorts.
The hotel group is planning to set up a luxury resort
in Ras Al Khaima.
Another RAK Properties endeavor is the AED 10 billion-mega
lifestyle project called Mina Al Arab. It will feature
many themed resort hotels and two eco-hotels. Together
these are expected to provide 3500 rooms for tourists
and visitors to the Emirate.
The Saraya Islands project is expected to cost US$ 1.5
billion and will begin in October 2006 in Ras Al Khaima.
This project will result in the addition of about four
five-star hotels and leisure facilities for the tourists
to enjoy. The Saraya Project is a joint effort of Ras
Al Khaima government, Saraya Holdings, and Arab Bank.
Al Hamra Palace, another hotel under construction and
expected to open in 2007, will have 450 rooms and has
been designed by Maurizio Papiri. The hotel mixes the
splendor and opulence of traditional Arabic architecture
with the sophistication of modern day needs. Built on
a ground area of 15000 square meters with total built
area of 130,000 square meters, it will have 22 floors
and a height of 116 meters.
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