UAE: Is Ras Al Khaimah (RAK) known to you?
22 August 2008
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Ras Al Khaimah is one of the northern states of the United Arab Emirates. Bordering the better known state of Oman it has a territory of just 656 square miles and a population of around two hundred and fifty thousand. The rich geography of the region spans from tranquil coast via fertile plains through rolling dunes to mountains. The rich abundant archaeology of the area reveals an advanced trading civilisation stretching back to 5000 B.C. In more recent times major investment is apparent in the roads and infrastructure including the international airport at Al Jazirah Al Hamra. Tourism to the region is forecast to hit 2.5 million annually by the year 2012. Two dozen five star hotels are earmarked for construction with several high profile hotel and apartment operators investing millions of dollars in business and tourism over the next few years. Although it may seem a relative new comer to the scene, Ras Al Khaimah is investing in Championship grade golf courses that rival the world renowned counterparts in Dubai and Abu Dhabi. Potential investors will be excited to know that as part of a business initiative Ras Al Khaimah is developing a major offshore investment city, issuing six hundred offshore licenses in the past twelve months alone to foreign businesses willing to set up in the area and benefit from the associated tax breaks. As a modern, functional complex RAK Financial City is destined to become the new hub for the offshore financial operations of the regional business community. It will also enhance the cultural and social fabric of the emirate and become a major tourist attraction. A novel architectural approach has been used to design this property, which brings out a softer, more fluid, sculptural manner. Design work for RAK Financial City commenced in December 2006. Principal International are now launching an exclusive development to meet the requirements of this market and to provide excellent properties for the short and mid-term rental market. This development will only comprise executive studio and 1 bedroom apartments with the benefit of a 10 year rental program and is strategically located. 
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