Al Tassan: Current Exhibition will surpass AED 5 trillion

Abu Dhabi 23rd September 2008: Rakaa Properties, the real estate arm of the Saudi owned Rakaa Properties and Holdings, and one of the leading real estate developers in the Gulf, is showcasing the Dynasty and Falcon Crest Towers recently developed on Al Reem Island, Abu Dhabi, at a cost of AED 1.5 billion, using smart building technology

Dr. Abdul Rahman Al Tassan, CEO of Rakaa Properties, said of the exhibition, "Participation in Cityscape Dubai exhibition has become an international obsession in the real estate field.  Sound strategic planning and the enormous growth of Dubai's real estate market have managed to attract the cream of the crop, offering transparent legislation and an attractive real estate environment. The exhibition has become a festival of record breaking feats, including breaking records in terms of the size of the exhibition area itself, the number of participants, number of visitors, the projects showcased and the number and value of business transactions and deals concluded, which we expect to exceed AED 5 trillion in value this year. We have participated in Cityscape Dubai more than once in the past but this year's edition has a different feel to it, as it follows Rakaa's recording a percentage of sales of over 80% of the two towers' total area.

"The company recently announced that it was collecting tenders for the development contract for the two towers and we are now preparing to announce the winner of the bid and to launch the project, in order that it be completed on schedule.  These two projects are expected to attract large numbers of visitors due to their elegance and the aesthetic value and reasonable prices of the new technology incorporated into these projects."

The Dynasty Tower is designed for residential use only and comprises 29 levels, which contain 136 apartments, varying from one to four bedrooms, while Falcon Crest Tower, which is also a residential development, consists of 24 storeys and includes space for retail use on the ground level. 

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About RAKAA:
RAKAA Properties, part of RAKAA Holding, is a Riyadh based company which was established in 1990. The organization has offices in the UAE, Sudan and 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 neighbouring 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 further information please contact:
Mustafa Al Khafaf
SAHARA Communications
+971 4 3298996
mustafa@saharagcc.com
www.saharagcc.com

© Press Release 2008