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  • 10-11-21

    RAK in UAE to initiate housing projects to enhance its portfolio

    (MENAFN) RAK Properties; real estate developer in UAE optimistic about progress as it aims $136.1m in sales by the end of the year.

    RAK Properties is pointing towards Dh500 million (USD136.1m) in sales towards the end of 2021 and aims to initiate a number of housing projects by next year to enhance its property portfolio as it logs higher demand from consumers.

    According to Mohammed Al Tair, acting chief executive of the company, the Abu Dhabi-based firm is going to inaugurate new projects at its Dh10 billion (about USD 2.72) Mina Al Arab master development in Ras Al Khaimah. The mega-project is being built in different stages and is predicted to be finished in about five to seven years.

    Other developers involving Arada and Sobha Realty also declared strategies to start new projects due to higher demand from purchasers. Sobha is seeking to initiate a USD4bn master development at MBR City in Dubai in 2022, whereas Sharjah developer Arada is initiating five projects at its Aljada development in UAE in 2020.

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