RAK launches ‘Gateway’ property investment opportunity

Another UAE state has reached a landmark in its own battle for a share of the region’s limelight with a key real estate development. Ras Al Khaimah (RAK) firm Rakeen unveiled the Gateway project over the weekend and began selling land from the plan to property investors and developers.

Based on the Emirates Road close to the new World Trade Centre in RAK, the development is set to be a mixed-use venture and will be one of the biggest of its kind in the state. YES Property Investment is taking on the job of marketing slices of the project’s first phase to investors.

Rakeen board member Wahid Atallah said the whole site will involve 60 million square feet of investment property, including residential towers, across five phases in total.

Rakeen said:

“We have finished the city designs and sketches with distinguished internal streets and roads taking into consideration that all towers and buildings will have magnificent views overlooking the parks and green flat areas, and convenient wide roads for all residents of the city.”

Rakeen is also building Al Marjan Island, the first man-made island project to be developed in the Emirate.

The five-island project is expected to be complete next year and is using surface fill with coarse earth material in the construction process.