Bab Al Bahr Resort remains on course

Country:  Ras al Khaimah, United Arab Emirates

25 February 2008

The construction of the tranquil $327m (£170m) Bab Al Bahr (‘your gateway to living’) resort development on Marijan Island in Ras Al Khaimah , remains on schedule.

The residential scheme, which is being constructed by Rakeen, will comprise a mix of studios and one to three bedroom apartments, available for sale through estate agency Asteco.

The apartment buildings are scheduled for completed in the fourth quarter of 2009. Verification that building work is proceeding as planned signifies an important step in the development of the Bab Al Bahr project, which will eventually include 710 apartments in 5 buildings, offering a selection of one to three bedroom freehold apartments. There will also be a hotel, a private beach, gym, 14-hours security, as well as commercial and retail space.

Dr. Imad Haffar of Rakeen commented: "We are delighted that the construction targets we have set for the stunning apartment buildings on Bab Al Bahr are being met. Bab Al Bahr is a development that is designed to offer the finest standards of living; the very embodiment of the fresh approach that Rakeen is taking to development. By the end of next year, residents will be able to enjoy the ocean, nature, exquisite landscaping, fine architecture and enviable facilities in one place.

“Above all, we have endeavoured to make Bab Al Bahr sustainable. Through intelligent planning, high construction standards and respectful treatment of natural resources, we are fully confident that Bab Al Bahr will be a wonderful place to work and live, for many years to come.”

Union National Bank, one of the UAE’s most recognised mortgage providers, is offering 90% mortgages to anyone buying an apartment in Bab Al Bahr.