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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.
Direct Investments and Related Entities  |
| Subsidiaries/Associates/Affiliates |
|
|
|
|
| Metechi Sheraton Palace |
Georgia |
100.00% |
| RAKEEN Development - Georgia |
Georgia |
100.00% |
| RAKEEN Development - Jordan |
Jordan |
100.00% |
| RAKEEN Development - Lebanon |
Lebanon |
100.00% |
| RAKEEN Development - Syria |
Syria |
100.00% |
| RAKEEN - Iran |
Iran |
50.00% |
| RAKEEN India Operations Company [Rakindo] |
India |
50.00% |
| Banyan Tree Al Wadi Resort [in Wadi Khadeja] |
UAE |
- |
|
| Developments and Projects |
|
|
|
|
| Bab Al Bahr [in Al Marjan Island] |
UAE |
100.00% |
| Al Marjan Island |
UAE |
- |
| Batumi [via RAKEEN Development – Georgia] |
Georgia |
- |
| Beit Merri Sunset |
Lebanon |
- |
| Dana Island |
UAE |
- |
| Free Economic Zone [via RAKEEN Development – Georgia] |
Georgia |
- |
| Gare Central |
Congo |
- |
| Gateway City |
UAE |
- |
| Gonio [via RAKEEN Development – Georgia] |
Georgia |
- |
| Isfahan City Center |
Iran |
- |
| Jabel Al Jais |
UAE |
- |
| Kinshasa High Rise |
Congo |
- |
| Kovai Hills Coimbatore [via RAKEEN India Operations Company] |
India |
- |
| La Hoya Bay [in Al Marjan Island] |
UAE |
- |
| Lausanne Golf Village [on hold] |
Kyrgyz Republic (Kyrgyzstan) |
- |
| Office des Routes |
Congo |
- |
| Prestige Land Complex |
Iran |
- |
| RAK Convention Center |
UAE |
- |
| RAK Financial City |
UAE |
- |
| Tbilisi Heights [via RAKEEN Development – Georgia] |
Georgia |
- |
| Uptown Tbilisi [via RAKEEN Development – Georgia] |
Georgia |
- |
| Vardzia Palace [via RAKEEN Development – Georgia] |
Georgia |
- |
|
| Financial Results |
31-Dec-08 |
31-Dec-09 |
Yr on Yr |
| |
AED'000 |
AED'000 |
change (%) |
| Paid-up capital |
400,000
|
400,000
|
0.00 |
|