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Sat 16 Feb 2008 04:00 AM

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Plans afoot for Gateway City project

Plans are being finalised for a massive ‘city within a city' development in Ras Al Khaimah.

Plans are being finalised for a massive ‘city within a city' development in Ras Al Khaimah.

Rakeen, the developer behind the emirate's Al Marjan Island project, is currently working on the masterplan for Gateway City, which in its first phase alone will cost an estimated US $1.1 billion (AED 4.03 billion).

The project is expected to be launched within the next six months, with construction beginning early next year.

"Most of the masterplan has been finalised, but we have some minor changes to make," said Fawzi Bustami, sales director, Rakeen.

The project will be built over five phases. It will be spread over 37 million m2 and will include commercial and residential components. The entire project has been earmarked for completion in 2012.

Bustami added that Rakeen is planning to develop 20 more projects, in Ras Al Khaimah and in countries including Georgia.

In June last year, the company launched Ras Al Khaimah Financial City, a 750,000 m2 project valued at $8 million.

The company is also behind Dana Island, Banyan Tree Resort and the RAK Convention Centre.

So far, its overseas projects include Isfahan City Centre in Iran and Tbilisi Heights and Uptown Tbilisi, both in Georgia.

Ras Al Khaimah has experienced a significant amount of inward investment over the last five years, leading to growth rates of around 18% a year.

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