Burgeoning as lovely leisure hub and iconic investment destination, Ras Al Khaimah is fast becoming one of the nerve center of the spectacular growth process in the UAE. Rigorously planned and meticulously executed projects and policies under the leadership of visionary rulers enabled the emirate’s up-beating industries and sectors ready to take a global chase. Breathtaking views and fusion of the mountain, the desert and the sea set Ras Al Khaimah as an ideal escape location rejuvenating the souls tired of hustle and bustle of the modern life.
Stunning landscape, pristine beaches, unpolluted skyline and light traffic unlike neighboring Dubai’s nightmare travel will aptly earn the sobriquet to RAK: tranquil emirate of UAE. Nestled between the distant range of Hajar Mountains and azure waters of the Gulf, the emirate having abundant natural beauty lies within the northernmost part of the UAE.
This picturesque landscape with red sandy deserts and lush green plains indented by a series of creeks and lagoons in the backdrop of grandiose and dramatic mountains will remind you an exquisite painting that oozes the nature’s beauty. RAK offers that much timeless appeal and will draw you with its irresistible and dream-like quality. It seems the God created RAK purposefully with plain desert one side and fertile land other to have development on two pillars, namely, Tourism and Industry.
Industry flourishes this land where entrepreneurship is a passion of life. Simultaneously this is a haven of peace where age-old traditions and modern life blend together in harmony. Modern RAK is, indeed, the yield of a dazzling concoction of diverse ingredients; symphonic mix of modernity with tradition and indigneity with foreignness.
Attracting investments from worldwide, creating wealth and raising the standards of living, each sector and diverse economy of RAK enjoy strong and sustainable growth. RAK entered growth phase with lightning speed since Sheikh Saud bin Saqr Al Qasimi became crown prince in 2003. The emirate has achieved the GDP of more than 50%, in fact, over the last four years.
Start-up
Origin of the ruling family of modern RAK, Qawasim, is closely linked to the story from which very name of the emirate derived . Ras Al Kaimah means “head of the tent” and this originated from the golden top of the tent of Persian tribal chief, who encamped at Ras Al Khaimah, after landing on the southern shore of the Gulf on his way to overthrow the Ya’ariba dynasty in Oman. Qawasim, a key player in power struggles in the region in the 18th century became well known in the Gulf. At their peak, the Qawasim as a significant force in the region dominated the trade in the lower Gulf, achieving the reputation in commerce and business.
Strategically positioned on the trading routes running from Europe to the Far East, RAK and Qawasim dynasty possessed the immense geographical importance. The British occupied the area for much of the 19th century to utilize RAK as point to control the shipping routes. Sheikh Sultan Bin Saqr Al Qasimi signed the General Maritime Treaty with Britain, accepting a protectorate that kept the Ottoman Turks out. This paved the way for political stability in the region and the states including RAK adhered to the treaty became known as the Trucial States. Later by 1971, when the British withdrawal from the region completed, six neighboring emirates formed themselves modern-day federation. RAK joined the federation in 1972.
What Made Tick with RAK?
Even though the final emirate joining the UAE, RAK turned into the frontline with its pompous investments and extensive opportunities. Number of congenital factors and features made the RAK the hotbed of business and leisure. Influx of population, world-class governance coupled with liberal policies and forethought, incisive exploitation of abundant natural resources and setting the scene to attract the tourists are the some of attributes that made tick with the emirate.
As geographically positioned at the crossroads of trade and commerce between East and West, RAK can serve and access markets that span the Middle East, Africa, the Indian Subcontinent and the CIS countries. It was a stopover point to merchants and sailors even from china since centuries ago. Modern RAK is the fourth largest emirate in the UAE with an area of 2478 square km. It is located
250 km from Oman border, just 70 km to Dubai and 65 km away form Iranian coast. RAK boasts 65 km virgin coastline gently lapped by blue waters of Arabian Gulf and variety landscape having all the four types found in different parts of the United Arab Emirates: the fertile plains in south, the mountainous region in east, coastal areas in west and the desert environment. In summer the temperature in RAK will be 40 up where as the climate in winter is pleasant.
Enticing Tourists
The emirate ringed by mountains entices the tourists from all over the world. Tourism is the one of the chief foreign exchange earners in the emirate. Luxurious residential facilities and high-end leisure amenities add value to the sector in RAK. The sector witnessed 40% growth over the past 2 years. Man- made attractions are not the only-winner of the bread. But as the most varied and interesting ecologies and landscape in gulf, tourism is a naturally blessed sector in RAK.
The untold tale of ancient RAK with rich maritime past also lures travelers. RAK, previously known as Julfar, is the emirate having the longest written history as it dates back to the 7000 years ago. Archaeological findings revealed the existence of the settlement in the area since Bronze Age. Some of the oldest pottery ever found in the Emirates was picked up in RAK. It had been a favorable destination for men to inhabit since Ubaid period. Harappan pottery, communal tomb found in Shimal and Dhayah and many more are loquacious itself on the significance of this land. It has a rich heritage, which manifests in numerous historical sites, forts and abandoned villages. Since the earliest days of Islam, Ras Al Khaimah was a major port on the Gulf serving the whole of the Oman Peninsular. Later in the history it turned to one of the hereditary homes to Qawasim tribe, which rules today.
A visit to the National Museum, formerly the fort and once the residence of the Ruler of the Emirate will scintillate on the archaeological wonders and the long-standing history of Ras Al Khaimah.
Apart form National Museum of Ras Al Khaimah, RAK has many of the locations that will interest tourists. Khatt Hot Springs, Mussandam Peninsula, Wadi Bih, Wadi Asimah, Dibba, Jazirat Al Hamra, Dhayah Fort , Sheba’s Palace and Shimal, dhow boat building, camel racing, parks and gardens and souq shopping are some in the list. In RAK, past fuses with future. It offers unique blend of old world charm and cosmopolitan warm. As the result, it will enable you to knead away the strains of life. Supposedly, nowhere in the world except RAK, you can take a bath to cure your diseases. It is just 20 minutes drive from RAK City, through the lush green agricultural land in Digdaga, located Khatt Hot Springs. Owing to its mineral content and heat, the water is having medicinal benefits for skin ailments such as rheumatic diseases and muscular problems. The spring’s facility will offer additional spa services by Ayurveda (3500 years old Indian life science). People from all over the world reach here for treatment of Dermatoses and Rheumatic ailments.
Capitalizing Nature
In addition to tourism sector, the most vital pillars such as industry, trade & commerce and real estate elevated RAK’s economy. Industrial and commercial sector grew at rapid pace capitalizing the natural resources, by which the emirate was blessed. However, RAK’s economic surge will become particularly impressive when we consider the fact that it occupies only a negligible 0.4 % of the UAE’s total oil reserve. Nevertheless, RAK’s many of the economic indices will outstrip national average.
According to the RAK’s Department of Economic Development, astounding surge in GDP was 18.1% reaching Dh 9.25 bn ($2.52 bn) and constituting 1.9% of the UAE’s total. Meanwhile, country’s GDP grew in the same period at 8.2%, as per the figures by Central Bank of UAE. Un-official report suggest 2006 witnessed around 13% expansion in the emirate’s GDP where as that of the UAE is 9.7%. The forecast of GDP growth in 2007 remains the double digit for RAK and it is around 8% for UAE. (Report RAK-2008 p.21,22)
GDP averaged a solid 10% compound annual growth rate (CAGR) between 2001 and 2005. Population influx is the one of the attributes igniting this unprecedented progress. At the end of 2007, 4.7 % of the UAE’s total population inhabit in RAK, which has only 2.2% of the country’s land area. Estimation suggests population will leap from 214,000 in 2007 to 2500,000 by 2009.
A close look at the performance of different sectors in 2001-05 reveals the trends of the growth process takes place in the emirate. With a record CAGR of 16.1% , hospitality industry with hotels and restaurants outstrips the overall growth. The water and electricity industry stands just behind, with 15.1% thanks to the expanding property and construction sector. The realty sector, indeed, grew at pace of 11% CAGR over the same time frame. Manufacturing, wholesale, retail and repair altogether recorded the surge in CAGR of 14-15%.
Abundance of local mineral like limestone led to development of indigenous industries in the emirate that went places through out the world. Ras Al Khaimah Rock Company produces some 14-15 million tones of high-quality limestone a year. As the largest producer of cement in the UAE, RAK cement industries still dominate the market in the region despite challenges like soaring prices. Ras Al Kaimah ceramics won a place among the world’s top three ceramic producers. The company produces wide range of pharmaceutical products, Julfar Gulf Pharmaceuticals exports 94% of its products to 40 different countries. Mina Saqr, RAK’s port and RAK International Airport provide enough infrastructure support to the emirate’s thriving needs. Apart from these the traditional sectors like fishing, agriculture, the industries based on the marble and gravel also are flourishing.
To realize the hidden and tremendous potential of the emirate, vibrant policies and pragmatic institutions are in place. Investment and Development Office (IDO) established in 2004 with the Sheikh Saud as its head. It aims to attract new investor and encourage the existing ones. According to Sheikh Saud bin Saqr Al Qasimi, the crown prince and deputy ruler of RAK, the emirate is a “tax free haven that offers substantial opportunities in manufacturing, real estate, tourism, health care and education sectors”.
RAK Investment Authority ( RAKIA) is another set up since 2005 to boost investment in big way. Dr Khater Massad, CEO of RAKIA and advisor to Sheikh Saud, makes it clear “the ideology is to keep things simple and make them easy and investor friendly. We are driven by the vision of the Sheikh Saud, who wants RAK to be an ideal place to live and work”. RAK Free Trade Zone having over 4000 registered companies is one of the largest environment friendly free zone in the gulf. It also acts as one of major economic driver.
Realising Realty
As per the figures come out from 2007 Cityscape real estate show in Dubai, projects announced in the UAE so far date value over Dh 70 bn ( $19 bn).Real estate and property sector of RAK has been experiencing exciting expansion in recent years. The sector witnessed surge of 9.2% in 2003, 8.9% in 2004, and 9.3% in 2005. This definitely contributed to the increase in GDP, which recorded at 2005 in Dh 9.2 bn ($ 2.5 bn). Comparing with this the figures from UAE Ministry of Economy is interesting. Real GDP went down from 9.7% in 2004, to 8.2% in 2005 %. However, quickly picked up to 9.4% in the next year.
In fact, as the UAE property market continues to grow and all the emirates are competing to tap the opportunities, the focus is now on Northern Emirates like RAK. Northern Emirates are becoming as an alternative to Dubai and Abu Dhabi, both are getting expensive and less accessible. Skyrocketing prices has made RAK more preferred among other emirates as it is located only 50 minutes drive away from the Dubai international airport.
An explosion of property developments is what we all are witnessing in RAK. Developers and Government in the emirate come with numerous of projects worth billions of dollars and each project outshines the other with its unique features and facilities. Ras Al Khaimah has ambitious projects such Hamrah Village, Saraya Island, Mina Al Arab, Al Marjan Island, Yasmin Village, Mangrove Island, Dana Island, and Gateway City to its credit. All of these are in various stages of planning and construction.
Heartthrob properties located in RAK’s serene setting with harmonious balance of luxury and value will again call tourists across the globe to the emirate’s lap. And that will assert the sobriquet: lovely leisure location and iconic investment destination.
Because the leadership under the ruler of the emirate Sheikh Saqr bin Mohammed Al Qasimi is steadfast in its pursuit for excellence striving to meet the aspirations of future generations.
14.9.08
Developments Breaking Ground
Overcoming the challenges, development projects remains steadfastly lucrative in GCC.
An explosion of property developments is what we all are witnessing in GCC. Developers and Governments in the region come with numerous of projects worth billions of dollars and each project outshines the other with its unique features and facilities. Here is a quick look at the some of the major projects underway in the countries of the region:
Super Towers to Adorn Dubai Skyline
Six super towers, soaring above 100 floors, are all set to adorn Dubai skyline by next five years as they are in various stages of planning and construction. These towers include Burj Dubai, Burj Al Alam, Marina 101, Princess Tower, Pentominium, and Al Burj.
Burj Dubai - tipped to become the world’s tallest tower - is powering ahead adding floor by floor. It has already reached 160 floors surpassing the height of KVLY-TV mast in North Dakota, USA to become the world’s tallest man-made structure. Burj Al Alam slated to rise to 108 floors while Marina 101 is a 101 storey, Princess Tower is with 107 floors and Pentominium will soar to 120 floors. Al Burj, "one of the tallest towers”, is expected to be between 180 and 200 floors. The work of Al Burj is likely to begin only on completion of the Burj Dubai.
Apart from these, hundreds of towers and skyscrapers are under construction on both sides of Shaikh Zayed Road, in freezones and other parts of the emirate. More than 1,850 towers will be constructed at the Dubai World Central Airport City in Jebel Ali alone.
Surprises to Come from Abu Dhabi
Abu Dhabi will go miles in property development over next few years. Realty projects announced so far in the emirate, including those under planning and development, are estimated to cross $ 466 billion (AED 1.71 trillion). However, according to the latest updates, these represent only the ‘tip of the iceberg’; the biggest surprises in terms of mega property development projects such as new capital district that will become the administrative headquarters of the government, is yet to be unveiled.
Developments officially declared or broken ground include Yas Island and Khalifa City with an estimated cost of $ 40 billion each, a $ 24 billion mixed use real estate community project by Burooj properties and a $ 10 billion Ghantoot City. The emirate will host more mega projects than ever before as the Wetlands National Park that is to triple the size of the existing Abu Dhabi island. Hudariyat Island is another major development in pipeline in capital city of the UAE. All of the development projects will boost the stature of Abu Dhabi among other emirates and the entire Gulf countries.
Powering Northern Emirates
Northern Emirates are also not behind in the race as hundreds of projects moving from paper to site in Ajman, Sharjah, Ras Al Khaimah, Umm Ul Quwain and Fujairah. In fact, as the UAE property market continues to grow and all the emirates are competing to tap the opportunities, the focus is now on Northern Emirates. Northern Emirates are becoming as an alternative to Dubai, which is getting expensive and less accessible to middle income group. Skyrocketing prices in Dubai has made Ajman more preferred among other emirates as it is located only 25 minutes drive away from the Dubai international airport.
Emirates City, Al Azoura, Green City, Al Ameera Village, Ajman Corniche Residence, Ajman One, Ajman Marina and Marmooka City are some of the projects Ajman embarked on so far. Projects under construction in Sharjah include Nujoom Islands, Emirates Industrial City and Sharjah Marina. Sharjah Government’s development plan of a $ 177 million Sports City is one among the projects planned. Emirates Modern, Umm Al Quwain Marina costing a $ 3.3 billion are the projects under construction in Umm Al Quwain where as Ras Al Khaimah has Al Hamrah Village, Saraya Island, Mina Al Arab, Al Marjan Island, Yasmin Village, Mangrove Island, Dana Island, and Gateway City to its credit. All of these are in various stages of construction.
Buoyant GCC Market
The construction industry in the GCC is now worth $1.9 trillion and Saudi Arabia accounts 25 percent of all construction projects in the GCC. Global Investment House launched a $500 million Global GCC Real Estate Fund-II to take advantage of the booming GCC market. Real estate ownership rules and regulations in the GCC region are being revised to accommodate cross-border investments amongst member countries and the increased transparency in the real estate sector has resulted in capital inflows from outside the region too. Steady growth of the economies of the Gulf countries has made a strong positive impact on demand for all types of real estate opportunities and investments in the region.
The property sector in Saudi Arabia is about to boom, brought on by the combination of an impending mortgage law to make it easier to buy and the wide-spread realisation that there is a chronic need for more housing in the country. This is apart from the six economic cities - four of which have been so far announced - which will include plenty of housing for workers, a number of mixed use communities are also being built.
In Qatar, new legislation grants foreigners the right to 100 percent land ownership and to build residential units in 18 locations, including the ‘Pearl Island’, ‘West Bay Lagoon’, ‘Al Khor Resort’ and the ‘Lagoon Plaza’ projects. With 500,000 families expected to make a move to Qatar by 2012, real estate is turning out to be an extremely attractive investment. Property developers in Qatar are offering its investors a 40 to 45 percent ROI.
Property sector of Oman witnessed tremendous development in the last few years and the international business houses are foraying into the country. New local businesses being set up, improved connectivity, better infrastructure and human resources have all contributed to this growth. The demand for residential property has skyrocketed as more and more expatriates are opting for jobs in the country.
US $ 8 billion worth of private investments will enter Kuwait’s real estate by the end of 2013. Reports have revealed that the skyrocketing demand for residential built space is one of the primary drivers of the country’s real estate market surge. Demand swells in the country for private housing units and it is projected to cross 100,000 by 2010.
Low interest rates, high liquidity and liberal laws create burgeoning real estate market in Bahrain. Hot on the heels of Dubai, Bahrain has succeeded in developing its own brand of real estate market magic. Being built upon its current economic progress and reputation as a financial and commercial hub, Bahrain's numerous completed and underway projects, like the Bahrain Investment Wharf, Bahrain Financial Harbour, Bahrain Bay, Bahrain City Centre, Durrat AI Bahrain, and Amwaj Islands have contributed greatly to a remarkable growth in its overall real estate sector.
Even though the lack of skilled labor, rampant inflation and soaring prices of building materials have pushed building costs in the GCC by 50 percent in the first half of 2008, the real estate sector do remains steadfastly lucrative.
An explosion of property developments is what we all are witnessing in GCC. Developers and Governments in the region come with numerous of projects worth billions of dollars and each project outshines the other with its unique features and facilities. Here is a quick look at the some of the major projects underway in the countries of the region:
Super Towers to Adorn Dubai Skyline
Six super towers, soaring above 100 floors, are all set to adorn Dubai skyline by next five years as they are in various stages of planning and construction. These towers include Burj Dubai, Burj Al Alam, Marina 101, Princess Tower, Pentominium, and Al Burj.
Burj Dubai - tipped to become the world’s tallest tower - is powering ahead adding floor by floor. It has already reached 160 floors surpassing the height of KVLY-TV mast in North Dakota, USA to become the world’s tallest man-made structure. Burj Al Alam slated to rise to 108 floors while Marina 101 is a 101 storey, Princess Tower is with 107 floors and Pentominium will soar to 120 floors. Al Burj, "one of the tallest towers”, is expected to be between 180 and 200 floors. The work of Al Burj is likely to begin only on completion of the Burj Dubai.
Apart from these, hundreds of towers and skyscrapers are under construction on both sides of Shaikh Zayed Road, in freezones and other parts of the emirate. More than 1,850 towers will be constructed at the Dubai World Central Airport City in Jebel Ali alone.
Surprises to Come from Abu Dhabi
Abu Dhabi will go miles in property development over next few years. Realty projects announced so far in the emirate, including those under planning and development, are estimated to cross $ 466 billion (AED 1.71 trillion). However, according to the latest updates, these represent only the ‘tip of the iceberg’; the biggest surprises in terms of mega property development projects such as new capital district that will become the administrative headquarters of the government, is yet to be unveiled.
Developments officially declared or broken ground include Yas Island and Khalifa City with an estimated cost of $ 40 billion each, a $ 24 billion mixed use real estate community project by Burooj properties and a $ 10 billion Ghantoot City. The emirate will host more mega projects than ever before as the Wetlands National Park that is to triple the size of the existing Abu Dhabi island. Hudariyat Island is another major development in pipeline in capital city of the UAE. All of the development projects will boost the stature of Abu Dhabi among other emirates and the entire Gulf countries.
Powering Northern Emirates
Northern Emirates are also not behind in the race as hundreds of projects moving from paper to site in Ajman, Sharjah, Ras Al Khaimah, Umm Ul Quwain and Fujairah. In fact, as the UAE property market continues to grow and all the emirates are competing to tap the opportunities, the focus is now on Northern Emirates. Northern Emirates are becoming as an alternative to Dubai, which is getting expensive and less accessible to middle income group. Skyrocketing prices in Dubai has made Ajman more preferred among other emirates as it is located only 25 minutes drive away from the Dubai international airport.
Emirates City, Al Azoura, Green City, Al Ameera Village, Ajman Corniche Residence, Ajman One, Ajman Marina and Marmooka City are some of the projects Ajman embarked on so far. Projects under construction in Sharjah include Nujoom Islands, Emirates Industrial City and Sharjah Marina. Sharjah Government’s development plan of a $ 177 million Sports City is one among the projects planned. Emirates Modern, Umm Al Quwain Marina costing a $ 3.3 billion are the projects under construction in Umm Al Quwain where as Ras Al Khaimah has Al Hamrah Village, Saraya Island, Mina Al Arab, Al Marjan Island, Yasmin Village, Mangrove Island, Dana Island, and Gateway City to its credit. All of these are in various stages of construction.
Buoyant GCC Market
The construction industry in the GCC is now worth $1.9 trillion and Saudi Arabia accounts 25 percent of all construction projects in the GCC. Global Investment House launched a $500 million Global GCC Real Estate Fund-II to take advantage of the booming GCC market. Real estate ownership rules and regulations in the GCC region are being revised to accommodate cross-border investments amongst member countries and the increased transparency in the real estate sector has resulted in capital inflows from outside the region too. Steady growth of the economies of the Gulf countries has made a strong positive impact on demand for all types of real estate opportunities and investments in the region.
The property sector in Saudi Arabia is about to boom, brought on by the combination of an impending mortgage law to make it easier to buy and the wide-spread realisation that there is a chronic need for more housing in the country. This is apart from the six economic cities - four of which have been so far announced - which will include plenty of housing for workers, a number of mixed use communities are also being built.
In Qatar, new legislation grants foreigners the right to 100 percent land ownership and to build residential units in 18 locations, including the ‘Pearl Island’, ‘West Bay Lagoon’, ‘Al Khor Resort’ and the ‘Lagoon Plaza’ projects. With 500,000 families expected to make a move to Qatar by 2012, real estate is turning out to be an extremely attractive investment. Property developers in Qatar are offering its investors a 40 to 45 percent ROI.
Property sector of Oman witnessed tremendous development in the last few years and the international business houses are foraying into the country. New local businesses being set up, improved connectivity, better infrastructure and human resources have all contributed to this growth. The demand for residential property has skyrocketed as more and more expatriates are opting for jobs in the country.
US $ 8 billion worth of private investments will enter Kuwait’s real estate by the end of 2013. Reports have revealed that the skyrocketing demand for residential built space is one of the primary drivers of the country’s real estate market surge. Demand swells in the country for private housing units and it is projected to cross 100,000 by 2010.
Low interest rates, high liquidity and liberal laws create burgeoning real estate market in Bahrain. Hot on the heels of Dubai, Bahrain has succeeded in developing its own brand of real estate market magic. Being built upon its current economic progress and reputation as a financial and commercial hub, Bahrain's numerous completed and underway projects, like the Bahrain Investment Wharf, Bahrain Financial Harbour, Bahrain Bay, Bahrain City Centre, Durrat AI Bahrain, and Amwaj Islands have contributed greatly to a remarkable growth in its overall real estate sector.
Even though the lack of skilled labor, rampant inflation and soaring prices of building materials have pushed building costs in the GCC by 50 percent in the first half of 2008, the real estate sector do remains steadfastly lucrative.
25.7.08
Real Estate Emeges as Fifth Estate
Real Estate Industry is fast becoming the fifth estate of the polity of nation. Population, economy, appreciation and inflation all related to real estate sectors of the nations . It seems a fifth estate as it became a deciding factor of many of the govermental policies accross the nations
Dubai Metro is the Most Favorite Relative to Realty
Explosion of Development is what we all are witnessing in Dubai, if it is put in the simple words.
28.3.08
Dubai Property: Metro Factor
The proximity to metro stations is going to be the one of the main criteria to value the properties in Dubai. Dubai Metro, which is slated to be operational within few months, will be a solace to the commuters in the city.
Sale at Drawing Stage
Sale at drawing stage is the new trend world-wide in real estate industry. Business transactions is happening at the rate of thought. Holding Companies in Dubai declare 100 per cent divident before one year.
20.3.08
Days of Realty Shows
Exhibitions and shows in real estate and property industry are buzz. There are more than one dozen shows in Dubai last few months. This underlines the immense demand in the market. That will be
Slots Enchroaching Plots
These are the days of property market. Media slots are occuppied by the real estate industry.Deyar Properties, one of the prominent players in the UAE is outshining others in the advertisement.
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