Expo 2020 Dubai would transform UAE’s economic growth landscape
- 22 Aug 2021
Inayat-ur-Rahman, Business Editor
The Expo 2020 Dubai would transform the UAE’s economic landscape as the mega event is expected to contribute to promoting tourism as well as commercial and real estate activity in various parts of the country, including Ras Al Khaimah.
This was stated by Mohammed Al Tair, acting CEO of RAK Properties during an exclusive interview with Gulf Today.
He added that any global event hosted by the UAE represents an opportunity to highlight the country’s achievements in various sectors, and Expo Dubai 2020 is the largest global event so far to be hosted by the Emirates to date, in terms of its tenure of six months, the participation of over 190 countries, as well as the expected number of visitors to the event, which could reach 25 million.
According to Al Tair, the UAE has managed the COVID-19 pandemic very well, which has positively impacted the real estate sector, providing the impetus for the industry to recover from the repercussions brought on by the spread of the virus last year.
“The real estate market in Ras Al Khaimah is performing very well despite the debilitating impact of the COVID-19 pandemic. Strong fundamentals underpin the emirate’s real estate market, including freehold property ownership for international buyers, and a vibrant economy built on the pillars of industry, manufacturing and tourism,” he added.
Picture used for illustrative purpose only.
Highlighting the importance of freehold law, Al Tair confirmed that the decree issued in Ras Al Khaimah in 2005, as well as similar legislations in the other parts of the emirate, provide a strong appeal for investors and constitute a competitive factor for the real estate market in the UAE, as these allow non-citizens to own 100% of property in selected zones, thus raising the demand for property investment in these areas.
“The issuance of the freehold law coincided with the establishment of RAK Properties in 2005, which enabled the company to have a strong start, and paved the way for it to launch promising, attractive and competitive freehold projects. All our projects have been received well by the public, citizens and expatriates alike, prompting us to launch two large projects within the freehold areas,” he added.
Since its launch, RAK Properties has put together an impressive portfolio of projects that has positioned the company as a leading developer in the UAE.
“Our current mega project is Mina Al Arab Ras Al Khaimah, which involves 23 phases and is valued at Dhs10 billion. After successfully launching this project, we explored opportunities in Abu Dhabi and launched our first project, Ras Al Khaimah Tower, outside RAK in 2012. We are also planning to launch the Julphar Residence Tower soon in Abu Dhabi,” he added.
Al Tair mentioned that the Mina Al Arab project, which was launched in 2008 and located in Al-Rafa area near Al-Jazirah Al-Hamra, has now reached stage 14 and will be fully delivered in 7 to 8 years.
Talking about phase 14, he said it bears the name Marbella, which comprises 204 villas.
The project, worth about Dhs500 million, was launched last year, and about 45% of it has been sold so far, and it is expected that the villas will be delivered to their owners in the Q3 of 2021, and the entire project expected to be fully completed in the fourth quarter of this year.
As for the other projects within the mega Mina Al Arab development, two hotels are currently being developed at a cost of Dhs800 million. The first is Intercontinental Ras Al Khaimah Resort and Spa, which includes 341 rooms of different sizes, villas and chalets, and is expected to open in the last quarter of this year.
Work is also underway on the Anantara Hotel project, which is expected to open at the end of 2022, and it will consist of 174 rooms, detached villas overlooking the water.
“After successfully launching projects in RAK and Abu Dhabi, we are now in a good position to explore Dubai, where the real estate sector has promising opportunities,” said Al Tair.
RAK Properties’ acting CEO says the company is on track for future growth, having established a competitive advantage by offering a package of incentives and facilities that attract investors, buyers and renters. “We see exciting prospects ahead as the UAE continues to provide economic stability, cultural diversity, as abundance of job opportunities, security and safety as well as world-class infrastructure and facilities that are conducive to investment and business growth,” he ended.
The Expo 2020 is a long-term investment in the future of the UAE. Expo has a pattern of positively impacting the GDP of the host country.
There is expected to be an influx of overseas visitors, which will greatly benefit and revive the hospitality & tourism industries in the region.
