The CEO of Spectrum Consultants, which represents Ras Al Khaimah’s Bab Al Bahr project owner Rakeen, said the company increased the volume of investment at the project to Dh1.3 billion from Dh1bn.
Wahid Atallah said the increase in investment followed some modifications in the project’s major plan.
Work on the development is expected to be completed in the first quarter of 2010.
Bab Al Bahr will have a four-star hotel of 300 rooms as well as residential buildings with 710 flats open for freehold ownership.
The project also has a large number of facilities such as a special beach, a swimming pool attached to a café, health club, other swimming pools and 15,000 square metres of shopping outlets as well as an office and retail tower, said the company.
Rakeen was established as a private sharing company in Ras Al Khaimah last year to support the development of the flourishing real estate sector in the emirate, which is witnessing a boom.
The total investment made by Spectrum
Will be open for freehold ownership
Spectrum increases investment in Bab Al Bahr