Sixfold increase likely in value of Bab Al Bahr project

Bab Al Bahr, a resort development on Al Marjan Island, will be four to six times in value when the project is completed, according to the project developer, Rakeen.

"Currently the project costs Dh2.2 billion and we expect the value to go up to Dh8bn to Dh12bn after completion, based on the market price and property growth," said Waheed Attallah, board member of Rakeen.

The project comprises an office tower, 710 freehold apartments, a 320-room hotel aimed at attracting tourists and meeting the current shortage of residential and office space in the Ras Al Khaimah property market.

Bab Al Bahr is being developed on the Al Marjan Island, Ras Al Khaimah's first man-made island that will be one of the four islands that comprises the Al Marjan Island project.

"The rest of the three islands will be developed by eight other developers, who will be handed over the land by next year September," said the official. Bab Al Bahr is situated at the entrance of the island from the beach side.

"Previously, the public works department was involved in the Al Marjan Island project and later Rakeen took over the project and carried on with its execution," said Atallah.

"The entire project of Bab Al Bahr has been sold out. We have finished the reclamation of the land and plots will be handed over to developers by next September," said Atallah.

Sheikh Saud bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, yesterday inaugurated the sales centre for Bab Al Bahr.

Sheikh Saud unveiled model apartments for the project as well. "Bab Al Bahr opens a new era in the development of many lifestyle-oriented projects in Ras Al Khaimah.

"This innovative project serves a very important strategic purpose as it significantly boosts the emirate's reputation as a key business and leisure destination in the Middle East.

"More importantly, being the first of many landmark projects on the Al Marjan Island, the Bab Al Bahr project will be a key instrument in generating greater interest for the exclusive island development and the rest of our groundbreaking real estate projects in Ras Al Khaimah," said Sheikh Saud.

"The prestige and reputation of the Bab Al Bahr project is crucial in the overall economic development plan of Ras Al Khaimah, particularly in the rapidly growing tourism sector.

"Tourism has become one of the emirate's fastest-growing economic contributors and the Bab Al Bahr project will help consolidate our position as a major tourist destination in the Middle East. This project also serves as an excellent complementary initiative to the extensive industrial and commercial development programs of Rakia," said Dr Massaad, Chairman of Rakeen.

When completed in 2010, Bab Al Bahr will feature five residential buildings and a total of 710 residential freehold apartments – 110 studio apartments, 290 one-bedroom apartments, 220 two-bedroom apartments and 90 three-bedroom apartments.

"The cost of land reclamation of Al Marjan Island, which consists of four islands, is Dh2.5bn, Atallah told Emirates Business. "It is difficult to estimate the value of the projects that will be developed on the whole island," he added.



The numbers

Dh12bn: The likely value of Bab Al Bahr, a resort development on Al Marjan Island in Ras Al Khaimah, once it is completed in 2010. The project consists of an office tower, 710 freehold apartments and a hotel

4: The number of islands that will be developed on Al Marjan