Northern lights

The cranes are shooting up in Ras Al Khaimah - as an increasing number of artist impressions roll off the production line.

Dominic Ellis looks at all the developments coming up and asks if the ambitious emirate could be the next big thing in the Middle East property sector.

About 10 years ago, if you told any of your Dubai friends you were on a day-trip to Ras Al Khaimah, it would often register a snigger. Sleepy and remote, its attractions could be counted on one hand and as for its real estate industry, it wasn't even on the radar.

What a difference a decade makes. Today, the cranes are in full view inside the city and out, as the northern Emirate has well and truly shaken off its backwater reputation. No-one's laughing now.

Under the shrewd leadership of HH Sheikh Saqr Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, and Crown Prince and Deputy Ruler HH Sheikh Saoud Bin Saqr Al Qasimi, the area has been transformed from a quiet outpost into one of the fastest-growing emirates.

The government is predicting that by 2020 its sub-200,000 population will have leapt to more than 750,000 people.

Flanked by the imposing Hajar Mountains on one side, and Gulf shores on the other, Ras Al Khaimah has an enduring appeal. While fellow emirates down the highway - it's now a mere 45 minutes from Dubai, thanks to the Emirates Road - continue to create something out of nothing, ‘RAK' has always let its own environment do the talking.

The natural profile remains its major selling point, particularly as man-made developments multiply across the country, and while changes are now well underway, it still seems a gear or two slower than Dubai, Sharjah or Abu Dhabi, which for some, is another attribute.

The industrious emirate has an established track record as an exporter of ceramic tiles, medicines, cement, crushed rocks and fish, but it is in property (31 projects are underway, and counting) and hospitality (at least 30 more hotels are coming) where it is poised to make the biggest noise.

The existing city, little more than a large town by western standards, still has stark reminders of old Ras Al Khaimah and, despite infrastructure upgrades now in motion, you have to look out for bumpy roads.

After driving past the numerable small, low-level outlets on the main road into the city, you see evidence of new development over the bridge. RAK Properties, a prominent real estate company and a Public Joint Stock Company with a capital of US$544m was formed with the support of the RAK government.

The company's founders, including the government of Ras Al Khaimah, hold 45% of its share capital, while the remaining 55% was distributed in a public offering that was significantly over-subscribed by 57 times.

The company has invested in Julfar Towers, a US$136m, 43-storey tower consisting of 349 residential apartments and an office tower of 468 units built over a three-level podium.

The project is aimed at those wanting an ultramodern lifestyle and convenient business location. RAK Properties' investment portfolio also includes another unique project in the UAE. The company has invested US$81.6m in the 43-storey Rak Tower in Abu Dhabi's prestigious Marina Square development.

The project was launched in 2007 at CityScape Dubai. One, two, three and five-bedroom apartments as well as penthouses, with smart home technology in all units and common amenties like swimming pools, gymnasiums, 24-hour security and covered car parking will all be featured.