RAK Properties, one of Ras Al Khaimah's largest property developers listed on Abu Dhabi Stock Exchange is expected to start phase 3 of the Mina Al Arab project, in the second half of 2013, a senior official told Zawya.
"We completed phase 2 of the project last year, and expect to start on phase 3 by the second half of this year, the total value of the third phase will amount to USD 2.7 billion" said Joshy Dabis, the design manger at RAK Properties.
"Phase 3 will include two sub phases, the first sub-phase will include the construction of 3 five-star hotels, while the second sub-phase will be the construction of five hotels," He said.
"RAK Properties was planning to start Phase 3 of the project in January 2013, but because of the global economic crisis, was delayed, to start in mid-2013," added Dabis.
"We have completed the designs for the first three hotels for the first sub-phase and also the designs of the other three hotels of the second sub-phase, two remaining hotel designs are still in-progress," said Dabis. However, he did not disclose the start date of the second sub-phase.
The USD 2.7 billion Mina Al Arab had first started in 2006, spanning an area of 2.8 million square meters and will consist of six districts, with 11 hotels, 388 villas, 3,500 residential units, 1,000 retail units, a marina, a green oasis walk, and related amenities including 3.1 million square meters of open spaces, parks, medical facilities, mosques, cafes and restaurants, and recreational facilities, acceding to Zawya Project Monitor.
© Zawya 2013
