RAKEEN Development

The UAE-based Rakeen Development is a real estate property owner and developer. It has seven ongoing projects in the UAE and seven more, internationally, as of mid 2009.

The company began developing Dana Island, in July 2008, an AED15.06 billion (USD4.1 billion) residential project located in Ras Al Khaimah. When completed in 2010, the 6.8 million sq. m (73.1 million sq. ft.) project will consist of three main islands, and ten leaf-shaped islands, which will include commercial and residential complexes, hotels, and a 40,000 sq. m (430,556 sq. ft.) theme park.

Al Marjan Island, which Rakeen began developing in October 2008, is an AED6.61 billion (USD1.8 billion) residential project, also located in Ras Al Khaimah. The 2.7 million sq. m (29 million sq. ft.) development will feature four coral-shaped islands and will consist of lagoons, hotels, marinas, residential and commercial buildings, as well as 50 villas, when completed in 2011.

The company set up the Rakeen India Operations Company (Rakindo), in December 2007, together with the India-based Trimex Group, in order to penetrate the Indian real estate market.