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UAE unified government account surplus up 39.5% to AED 200.7 billion

Abu Dhabi: Real estate activities indicate that the recent global financial crisis has provided the necessary requirements for the growth of any local or international market. Its influence on government decisions is seen as a natural requirement, and evidence of a healthy economical process that calls for the protection of all investment practices.

Moreover, the public announcement of monetary policies by countries throughout the world is increasing confidence in these economies and their ability to face crises and resolve the negative mentality that has surrounded the investment process. It also encourages sustained real estate activity, and even an increase in growth rates, as well as a successful recovery process.

Commenting on the subject, Dr Abdul Rahman Al Tasan, CEO of Rakaa Properties, said, "The UAE's monetary policy has distinguished the country globally as transparent, whether in times of crisis or stability. The UAE unified government account holds a surplus AED 200.7 billion, which represents an increase of 39.5 percent from 2007, or AED 72.5 billion."

"Government support of the banking sector, which includes AED 120 billion to be submitted in two installments to active banks in the country during times of need, is the balancing factor between profit and risk, the maintenance of stability in the market, and the guarantee of cashflow, despite the aggravating crisis," added Al Tasan, whose company is currently developing two residential towers on Abu Dhabi's Al Reem Island using Smart Building technology, with a total value of AED 1.5 billion.

The UAE has 49 active commercial banks in the financial projects sector, including the Central Bank, the highest financial authority in the country, which has 763 branches across the UAE. The country also has two investment banks, 26 financing companies boasting 37 branches, 80 offices representing foreign countries in the UAE, and 105 exchange companies working through 457 offices throughout the UAE. These numbers reflect the growth of the banking sector, and its capability to adapt to various scenarios.

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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

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