The newly appointed chief executive officer (CEO) of the UAE’s RAK Properties said progress is being made on the company’s Hayat Island master development.
In a statement, Samuel Dean Sidiqi, the development firm’s new CEO, said his team was “delighted” by the project’s progress. However, completion rates were not revealed in the media statement, and Construction Week has requested for these details.
Marbella Villas, the residential element of Hayat Island, comprises 205 beachfront villas and townhouses. Designed by Dar Al Omran, the project adjoins the public realm area of Hayat Islands, designed by RMJM.
Sidiqi said the launch of Intercontinental- and Anantara-branded hotels at Hayat Island was “an important addition” to Ras Al Khaimah’s offerings for domestic and international tourists.
“I am confident that we will have a great deal more to show you [soon],” he continued, commenting on Hayat Island.
“We are confident about the exclusive release of Marbella Villas. They are a key element of the overall design and will play a central role in attracting the right mix of investors and tenants to the island,” Sidiqi added.
This August, RAK Properties reported $1.44bn (AED5.28bn) in net assets for the first six months of 2018. The company has started constructing the Anantara and Intercontinental hotels in Mina Al Arab, both of which it said would “strengthen the recurring revenue portfolio in the future”.
Commenting on the figures at the time, RAK Properties’ managing director, Mohammed Sultan Al Qadi, said: “The company is making significant headway on residential projects both under construction and due to launch over the next year.”
