RIYADH, 15 September 2005 -- Saud ibn Saqr Al-Qasimi, crown prince and deputy ruler of Ras Al Khaimah (RAK), signed an Agreement with Saad Rafik Hariri, chairman of Saraya Holdings LLC and Abdul Hamid Shoman, chairman and CEO of Arab Bank, to launch"Saraya Islands", a $500 million project along the Arabian Gulf coastline of RAK.
"We are extremely grateful to the vision and leadership of Saqr ibn Mohammed Al-Qasimi, ruler of Ras Al Khaimah, without whose great support such grand initiatives would not have been possible. We aim to make RAK a promising destination for tourists and residents alike," Saud Al-Qasimi said. "The government of Ras Al Khaimah wishes to build a diversified economy and capitalize on the immense potential of RAK. The emirate enjoys strong sustainable growth by attracting investments to create wealth and raise the standard of living for the people of RAK," he observed.
The project is based on shared visions to propel RAK into a cosmopolitan tourism destination and a new alternative in the UAE, offering exceptional tourism products that will illuminate the area's natural landscape and attractions.
Saraya Islands Real Estate Development Company (Saraya Islands) will be established as a joint venture between the Investment Development Office -- government of Ras Al Khaimah), Saraya Emirates and Arab Bank PLC.
The major investor in Saraya Islands is Saraya emirates, a subsidiary of Saraya Holdings (under formation), with Saad Rafik Hariri as its chairman.
The globally renowned Saudi Oger Ltd. will be the sole official developer and contractor for Saraya Emirates' projects, ensuring the highest standards of quality development and technically advanced construction in the contracting industry. Saudi Oger Ltd. has extensive knowledge and experience in design concepts, operations and management, in addition to the resources and financial capabilities necessary to undertake a wide range of supreme mega construction projects.
Saraya Islands will spread over one million square meters, with a range of five star hotels, lavish residences, and cultural and commercial venues that will draw interested tourists from all over the world as well as offer an alternative cosmopolitan environment for residents.
"With the signing of the agreement, we have entered a new era where the Middle East region is dynamically developing and building on an increasingly thriving tourism activity. With a plethora of worldwide destinations to choose from, our vision is to offer unique, mixed-use tourism projects, which can be a magnet for visitors from all over the globe to experience the hidden attractions of yet-to-be discovered destinations, such as Saraya Islands," Saad Hariri said.
He added that (Saraya Islands) will occupy a premier location in the emirate of RAK, with state-of-the-art facilities, high quality services, and opportunities galore for developers in the real estate and tourism sectors.
"It reflects the serious commitment of Arab Bank toward development by being involved in a landmark project, such as Saraya Islands. This project is not just aimed at the booming tourism sector, but also at promoting the overall economy of RAK, toward which we have deep convictions. The bank is participating as an equity partner and will also provide financial consultancy and cooperation for the completion of the project," Abdul Hamid Shoman said.
Saraya Islands will be a treat for the tourists owing to its vibrant shopping experience, exquisite dining and miscellaneous entertainment and accommodation in five star hotels and bungalows. The project commands spectacular sandy beaches and a breathtaking mountainous backdrop, making it a stunning haven.
By Naif AL-Shehri
© Arab News 2005
