Rakeen is to develop an iconic Financial City in the UAE emirate of  Ras Al Khaimah.

The development, which will be named Ras Al Khaimah Financial City is the hub of RAK Offshore project currently under development by the RAK Investment Authority, Rakia.

The city will consist of 12 cutting-edge designed towers and is set to facilitate the emirate’s growth by acting as a regional financial centre.

The RAK Offshore project is 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.

RAK Offshore will be owned by Ras Al Khaimah Investment Authority and will facilitate the operational and legislative requirements of the burgeoning emirate.

Rakeen is a leading developer in Ras Al Khaimah

Meanwhile, the development will be an example of best practice and cutting edge architecture in the UAE, with the appointment of Hey Detina, the renowned, forward thinking New York architect.

The pioneering design of Ras Al Khaimah Financial City will lead to the establishment of an icon for the emirate and a modern, functional complex for business and legislation.

 “The development will be a landmark on the coastline of the Arabian Gulf and its design is something rakeen is very proud of,” said rakeen executive chairman Dr Khater Massaad.

“However, it is also crucial 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,” said Khater Massaad.

Ras Al Khaimah Financial City has been designed to provide a masterpiece with genuine modern-day offerings that ensure leading and efficient business activities.

In tandem with the state-of-the-art facilities and latest amenities, Ras Al Khaimah Financial City will be a vibrant and dynamic urban space complimented by nature allowing the centre to also act as a major tourist attraction.

“The architectural expression is a sensitive portrayal of organic curvilinear form,” added Khater Massaad.

“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.”

The master developer – a private joint company of Government of Ras Al Khaimah, RAK Airways, RAK properties and the Governement of Ras Al Khaimah, has a Dh4 billion in assets and Dh400 million in paid up capital. rakeen develops and manages key projects in Ras Al Khaimah and overseas.

Those projects in RAK include Al Marjan Islands, RAK Financial City, The Gateway, Al Hamra Amenity Centre, Jabal Al Jais and Banyan Tree Resort. rakeen also develops and manages projects in Iran, Egypt, Jordan, Ukraine, India and Georgia.

The development takes place under the patronage of Sheikh Saud Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. TradeArabia News Service