Al Marjan Island project to include 4-star hotel, freehold apartments, office tower and shopping mall

April 29, 2007

Rakeen, one of the region’s most dynamic project development companies, has announced the launch of the AED 1.2 billion Bab Al Bahr resort in Ras Al Khaimah during a press conference held today (Sunday, April 29, 2007) at the Burj Al Arab in Dubai.

Bab Al Bahr will be the first project to be developed by Rakeen on Al Marjan Island, the master developer’s man-made coral-shaped atoll being built to extend four kilometres into the Arabian Gulf. On completion in 2009, the Bab Al Bahr resort will encompass a four-star deluxe hotel, time-share apartments, freehold residential apartments, a shopping centre and an office tower, offering residents and investors 360 degree sea views and open private beach fronts.

Commenting on the launch, Dr. Khater Massaad, Chairman and Member of the Board, Rakeen said, “Rakeen’s fresh approach to development will act as a catalyst for growth and transform Ras Al Khaimah into a modern and flourishing destination that can capitalise on its huge tourism and commercial potential. Meticulous planning will ensure that Bab Al Bahr will develop into the ultimate resort destination, offering the most selective investor a gateway to island living.”

A total of five residential buildings, incorporating a total of 710 residential freehold apartments, are earmarked for construction, including 110 studio apartments, 290 one-bedroom apartments, 220 two-bedroom apartments and 90 three-bedroom apartments. Residents can enjoy 100 per cent free-hold ownership in addition to a myriad of facilities, such as a private beach, pool bar, gym, themed swimming pools, children’s play areas, parking for 800 cars, 24 hour security and hotel fitness and health club privilege access. Through special arrangements with the adjacent hotel, residents can avail of the resort’s facilities and amenities, and can also take advantage of joining an apartment ‘rental pool’ facility to rent their units.

Bab Al Bahr will also encompass a 290-room 4-star deluxe hotel/resort, incorporating 120 time-share apartments, in addition to a 25-storey Bab Al Bahr retail and office tower, the business headquarters of the island, which will conveniently offer retail shopping and office space under a free zone trade license.

Located only twenty minutes from Ras Al Khaimah International Airport and 45 minutes from Dubai, Bab Al Bahr will be a self-contained community, presenting residents and visitors with leisure facilities including a nearby golf course, a night club, exotic gardens, beach parks, a la carte dining options and beach activities. The resort will be landscaped to have a tropical look, with coconut trees, flowers, shrubs, stones and waterfalls designed to allow for easy internal and external accessibility flow of residential and visitor traffic.

“We will work closely with Rakeen to create a modern day haven, combining top of the line luxuries with the grace of nature to generate the ideal home in an idyllic island lifestyle. We are also committed to upholding Rakeen’s responsible development methods, as Bab Al Bahr is the ultimate eco-friendly development and promotes clean, energy-efficient and pollution-free living,” said Wahid Atalla, CEO, Spectrum Consultants, Bab Al Bahr owners’ consultants and representatives.

A selection of experts in their field are involved in the development and operations of Bab Al Bahr, including B&G Hotels & Resorts - the hotel management company; ASTECO – the real estate agent for the freehold apartments, freehold offices and rental retail centre; Union National Bank - mortgage facilitator for home owners; and Spectrum Consultants. During the Press Conference, Dr Massaad signed contracts with the associates involved with Bab Al Bahr and thanked the companies for their support.

In addition to Dr Massaad, five representatives from associate companies also addressed the press conference, including Dr Imad Haffar, Chief Operating Officer, Rakeen; Aladdin El Khudary, Senior Vice President and Head of Real Estate and Commercial Finance Division, Union National Bank; Andrew Chambers, Managing Director, Asteco Property Management; Ahmed Balbaa, President, B&G Hotels and Resorts; and Wahid Attalla.

“I am delighted to work with this team of highly talented associates, whose support and expertise is central to the success of this project. Under the experienced management of Spectrum Consultants, as one of the region’s leading consultancy houses and experts in property development and hospitality, I am assured that Bab Al Bahr will become a distinguished destination and will enable Rakeen to achieve its strategic objectives within a short period of time,” Dr. Massaad added.

Literally translating to ‘central pillar’ in Arabic, Rakeen is a private joint stock company established in 2006 by the Emirate of Ras Al Khaimah to support the development of the emirate’s booming real estate and property development sectors. With an authorised capital of AED 3 billion, Rakeen has slated additional projects for completion in the near future, including an exhibition and convention centre, offshore financial districts and new urban developments.

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