RAK Properties, Colliers in retail development deal
Dubai, March 17, 2012
RAK Properties, Ras Al Khaimah’s leading property developer, has commissioned Colliers International, a major real estate services firm, to manage the retail development consultancy for its complexes at Julphar Towers and Mina Al Arab.
The dual retail complexes will occupy Julphar Towers’ lower and ground floors and the Mina Al Arab’s Lagoon area.
“This partnership will boost the retail industry in Ras Al Khaimah in particular and Northern Emirates in general, as international brands are very keen to enter this market and serve the high demand from affluent customers,” Rashed Sultan Al Khatri, director of Marketing & Sales, RAK Properties.
“Moreover, residents of Julphar Towers and Mina Al Arab will be pleased to have international and regional brands across fashion, food, jewellery and luxury items, all in a vibrant environment. Colliers has set the global benchmark for the highest quality retail services and we are delighted to work with them.”
Stuart Gissing, regional director, Colliers International Middle East said: “We are very happy to include RAK Properties to our prestigious list of real estate clients in this region. We strongly believe in the potential dynamism of the retail sector in the Northern Emirates as we felt that the demand is strong for brands across the many categories.”
“Ras Al Khaimah has a key role to play in expanding the presence of regional and international brands in the Northern Emirates. With our base strengths and multi-lingual teams of real estate professionals, we are in a strong position to offer a truly professional service driven by our many years of active involvement in the Middle East real estate sector.”
Through the agreement, Colliers will be in charge of leasing the retail complexes in Julphar Towers and Mina Al Arab by attracting major international and regional retail brands across jewellery, food and beverage, FMCG, fashion, consumer electronics to set up presence in these complexes.
Al Khatri added: “Julphar Towers features a number of high quality services to match different personal and professional preferences across its business and residential units. The project has free zone status which is considered a value addition for retail brands.”
Al Khatri pointed out: “The Lagoon area in Mina Al Arab offers an exceptional retail experience to customers who will be enjoying the shopping experience with the scenic sea view alongside the walk-in area in a complex set within an iconic project that is stretched across a 900-meter private beach and covering an area of 3.25 million sq m.”
Mina Al Arab provides world class living environment with jogging tracks, swimming pools, tennis courts, children’s play area and ample open area. – TradeArabia News Service