Al Tasan: "UAE Averted the Financial Crisis before it surfaced"

Abu Dhabi 15th October 2008: Rakaa Properties, the real estate arm of Saudi Rakaa Holdings and the largest real estate developer in the Gulf, has sold 85% of its Dynasty Tower and Falcon Crest Tower projects, which are being developed by the company according to smart building technology. The projects, with an investment value of more than AED 1.5 billion, are located in Al Reem Island in Abu Dhabi.

Dr. Abdul Rahman Al Tasan, Rakaa Properties' CEO, said: "We were not surprised to see an audience of this size attend Rakaa Properties' projects. Numerous developers and experts in the UAE property market confirmed that the mark left by Rakaa Properties in the real estate market is a distinguished one, a mark that will popularize smart building technology in all upcoming architectural projects in the region, especially with the call for environment-preserving and power-saving procedures.

"Due to its wise and insightful vision, UAE was able to avoid the financial crisis, even before it surfaced. UAE's economy is built upon a solid basis, active banks in the country rely on local assets that form 77.4% of secure financing resources, and these banks still attract developers and investors as a safe haven for long-term investments," added Dr. Al Tasan.  

High profile governmental financial reports state that foreign stock purchases in the financial market has amounted to AED 2.215 billion during the last week alone, this equates to 41.2% of total purchases, with stock sales amounting to AED 2.786 billion during the same period, forming 51.8% of total sales; while foreign net investments amounted to AED 571.6 million, which is a strong indicator that the financial market is striding steadily, unaffected by the recent financial dilemma that shook many parts of the world.

Dynasty Tower is specified for residential purposes only, reaching a height of 29 storeys, and housing 136 units with 1 to 4 bedrooms each. Falcon Crest Tower is also specified for residential purposes and consists of 24 floors. Ground spaces will be utilized for retail.

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RAKAA Properties is a part of RAKAA Holding, a Riyadh based company, established in 1990. The organization has offices in the UAE, Sudan and in the US. Since its establishment, RAKAA has bought together knowledgeable experts in their field to help develop a variety of well structured projects that now in total, cover an impressive area of 1.3 million m². Over the past 17 years RAKAA have developed a wide and varied property portfolio that range from office buildings, open and closed commercial compounds, residential buildings, luxury hotels and villas that are situated throughout the Kingdom of Saudi Arabia. After an in-depth study of the real estate investment economies of its neighboring countries, RAKAA decided to enter these new markets and further diversify its investment portfolio. The company has chosen to expand into the UAE, predominantly in the capital of Abu Dhabi, where they have recently launched two state-of-the-art towers located on Al Reem Island, one of the emirate's most prestigious mega developments.

For more information, contact: 
Mustafa Al Khafaf
SAHARA PR
+9714 3298996
mustafa@saharagcc.com
www.saharagcc.com

© Press Release 2008