RAK backs Financial City plans

Ras Al Khaimah's multi-coloured masterplan for its own financial city.

The emirate of Ras Al Khaimah is to start work on its own financial city designed by renowned New York architect Hey Detina, according to developer Rakeen.

In a statement the company said the project, which will be named Ras Al Khaimah Financial City, will consist of 12 cutting-edge designed towers and will form the centrepoint of the RAK Offshore development currently under construction by the RAK Investment Authority (RAKIA).

The project is under the patronage of His Highness Sheikh Saud Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

"The RAK Offshore project will be the new centre for financial operations of the regional business community that will offer financial, legal, logistic and insurance services in a free zone environment," a statement read.

"RAK Offshore will be owned by RAKIA and will facilitate the operational and legislative requirements of the burgeoning emirate," it added.

Dr Khater Massaad, executive chairman of Rakeen, said that the development would be a "landmark on the coastline of the Arabian Gulf".

"It is also crucial, however, that Ras Al Khaimah has a centre of financial strength that will further instigate the growth of the emirate and we are adamant that is what RAK Financial City will do," he said.

"The structures will be in harmony with the natural elements blending the natural surrounding elements with technical advancement. The towers will represent a gateway to the future of an iconic financial destination," added Dr Massaad.

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USER COMMENTS (2 COMMENTS)

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RETo IT : - RAK backs Financial City plans
Posted by sam, RAk, UAE on Thursday 14 June 2007 at 22:08 UAE time

Reply to IT: I you haven't understood this article correctly. This is a zone to contain 11 buildings for companies like foreign banks, financial institutions, etc to open a free zone offices. If you have a problem with design you could contact Rakeen and complain.

RAK backs Financial City plans
Posted by IT, Dubai, UAE on Tuesday 12 June 2007 at 14:44 UAE time

It’s sad to see in a market place like this cheap, tasteless and nonsense architecture and master planning as this model clearly shows. And who has ever heard of this architect!!!

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