UAE Based RAK Properties Looking for Investment from Indian HNIs

RAK Properties, a public joint stock company of Government of Ras-Al-Khaimah, UAE, is wooing Indian businesses and high net worth individuals to invest in three major real estate ventures it has taken up including a $3.67-billion Mina Al Arab project, which has both commercial office and residential space. Other projects include RAK Towers Marina and Burj Abu Dhabi, the latter coming up with an outlay of $200 million.

The director of sales, RAK Properties, Ralph Chkaibane, said that about 20 per cent of the property buyers in RAK are of Indian origin and the company is keen on tapping into this segment. The RAK Free Trade Zone has over 11,000 companies and every day new companies come in. They need support facilities and residential area, which RAK can offer.

Addressing a press conference on Wednesday, he said, “The company is holding road shows here to attract some new investments in to these properties now under various stages of execution. With good facilities, we hope to attract some of the companies looking to make RAK their hub to service the market opportunity in the region.” “As a part of our promotion initiatives, we have tied up with National Bank of Abu Dhabi, HSBC and Bank of Baroda, the latter has agreed to extend up to 95 per cent of loan required for housing facilities,” he said.

The Mina Al Arab is spread over 43 million square feet of area with waterways, wetlands and beaches constituting commercial space, and residential area including a shopping district. It will have six five-star hotels when fully completed, he added.

News Published Under:   Foreign Direct Investment in India, Non Resident Indian (NRI), Property Prices, Real Estate Companies, Real Estate Developers, Real Estate India |

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