Sunday, Mar 18, 2012
DUBAI (Zawya Dow Jones)--RAK Properties (RAKPROP.AD) has appointed real estate consultancy Colliers International to help provide a boost to the retail industry in the emirate of Ras Al Khaimah.
The company has commissioned Colliers International to manage the retail development consultancy and leasing operations for its flagship complexes at Julphar Towers and Mina Al Arab, RAK Properties said in an emailed statement over the weekend.
"This partnership will boost the retail industry in Ras Al Khaimah in particular and Northern Emirates in general, as international brands are very keen to enter this market and serve the high demand from affluent customers," Rashed Sultan Al Khatri, director of marketing & sales at RAK Properties, said in the statement.
Sluggish demand after a sharp fall in real estate prices across the U.A.E. since the global financial crisis in 2008 has pushed developers to increasingly turn to the retail space--a relatively underdeveloped sector that has performed well despite the economic crisis--to boost revenues.
Earlier this year, Dubai-based property developers Nakheel and Emaar Properties announced their intentions to increase their retail portfolios in light of the economic downturn.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
18-03-12 0756GMT
