Al Tasan: "International Financial Crisis Increases Investors' Confidence in the Region's Property Markets"

Dubai, October 7th, 2008: Rakaa Properties, the real estate arm of Saudi Rakaa Holdings, has astounded visitors during its participation in Cityscape Dubai 2008. Projects developed by Rakaa, especially Falcon Crest and Dynasty Towers on Al Reem Islands in the emirate of Abu Dhabi, as well as the advanced technology employed by the company, has been widely admired. The towers, with an investment value of AED 1.5 billion, are being built using smart building technology.

During the last two days, Rakaa has been exploring various investment opportunities in the region, attending meetings and conferences with numerous large real estate companies also participating in the exhibition, with the aim of fostering partnerships for future projects.

Touching on the atmosphere at Cityscape Dubai, Dr. Abdul Rahman Al Tasan, Rakaa Properties CEO, said: "The activity we have seen during the last two days defines the appeal of the property market in the region, and is proof of the continuous rise and growth of the real estate market.

"In addition, the projects launched and deals signed prove the significance of the growth the market is currently experiencing, and should form the parameters that will stabilize the market, giving way to authentic real estate investors and resulting in 'speculators' being booted out of the property sector."

Al Tasan added that, while nobody can deny that the recent international financial crisis has struck fear into the hearts of some investors, who were seen to recollect their thoughts and redirect their investments and capital, they will soon find that the real estate sector in the region is the safest and best developed.

"As such, this crisis hasn't had any direct impact on the movement of real estate investments in the region," he said. "On the contrary, it has strengthened investors' confidence in our real estate markets, and we expect a large amount of capital to be directed towards real estate developments."

Dynasty Tower is designed for residential purposes only, reaching a height of 29 floors and housing 136 units with 1 to 4 bedrooms each. The 24-storey Falcon Crest Tower is also specified for residential purposes, with ground spaces allocated for retail.

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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