Ra’s al-Khaimah will also be the location of a Dh850 million, 120-acre theme park, Wow RAK. Emirates Flag is a cluster of 21 commercial buildings bearing the UAE flag on the rooftops that are being built at the Dream Industrial Park in the Ra’s al-Khaimah Free Trade Zone. Rakeen, another leading Ra’s al-Khaimah developer, has announced that it is to develop Ra’s al-Khaimah Financial City as part of the RAK Offshore project, the financial, legal, logistic and insurance services free zone that is currently under development by the RAK Investment Authority (RAKIA).
Currently under construction in the Khor Qurm area,WOW RAK boasts a 12,000 square metre shopping mall, an entertainment plaza and a resort.
In the stunningly beautiful Emirate of Fujairah, the real estate emphasis is naturally on improving tourism infrastructure, with the Egyptian group Iberotel planning to spend Dh1.2 billion on six hotels and retail facilities in the emirate.
Mina Al Fajer Real Estate LLC, a leading property developer in the UAE, is developing a Dh600 million mountain-sea resort property Mina Al Fajer Resort which will be completed before the end of 2009, giving Fujairah the first of what is expected to be a growing number of world-class, exclusive real estate projects.
Abu Dhabi-based Escan PJSC’s developments in Fujairah include Al Fanar Towers, a 30-floor residential tower, a 25-floor commercial tower, and a 300-room hotel in the centre of Fujairah City, and developments in the extremely scenic Wadi Al Wurrayah Valley north of Fujairah. In agreement with Riyadh Golden Investment and Development, Escan Properties will manage and market the Dh2 billion Fujairah Paradise development near Dibba.
Several new hotels are also being planned in the northern Al Aqqah area, close to Dibba, where the Al Aqqah Meridien, a Rotana hotel and a JAL hotel have already paved the way for what is intended to become the focus of the emirate's tourist industry.
Al Aqqah Meridien Hotel in Fujairah.
‘Whether a new factory needs to move its global products to market, a professional worker wants to get to work on time, or a tourist seeks fresh air at a pristine beach, an efficient and well-planned transport s y s t e m i s t h e c r i t i c a l f a c t o r t o m e e t i n g t h e s e d i v e r s e n e e d s . ’ @ w w w . u a e i n t e r a c t . c o m / u r b a n