UAE, November 20, 2014 – RAK Properties PJSC, one of the biggest property developers listed on the Abu Dhabi Stock Exchange, has announced that Al Tameer Group has been awarded a contract for the construction of its residential project Bermuda Villas in Ras Al Khaimah. Under the terms of the agreement, the Group will build a total of 157 three- to six-bedroom villas and townhouses, with the construction works commencing in November 2014.
Mohammad Sultan Al Qadi, Managing Director and CEO, RAK Properties, said: “The Bermuda Villas will offer our future residents with a premium living lifestyle– offering world-class amenities and services designed to enhance their experience. Our development project comes at a time when we are witnessing a rising demand for quality beachfront property in Ras Al Khaimah. We hope to help meet the demand in the market following the project’s completion. For this landmark development, we partnered with the Al Tameer Group, one of the country’s leading construction groups, due to its track record in constructing quality homes and our mutual aspiration to contribute to the advancement of the local and regional property industries. We are excited to work alongside the Al Tameer Group for the this project as we remain steadfast in our commitment to help boost Ras Al Khaimah’s efforts to transform itself into one of the region’s premier tourist and investment havens.”
The luxury housing project is part of the company’s flagship master development undertaking, Mina Al Arab. Overlooking the Arabian Gulf, the Bermuda Villas will offer spectacular views of the RAK coastline. It will also consist of state-of-the-art facilities including a private beach, separate swimming pools for adults and children, a children’s play area, and a multipurpose court.
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.