Construction & Real Estate

In many ways Ras Al Khaimah’s construction sector is the backbone of the local economy, with a number of major infrastructure projects enabling development across a range of sectors. The emirate is home to several major building materials producers, and it is well placed to serve the growing GCC market. Local projects such as the development of Al Marjan Island lend further support to the expansion of the construction sector. RAK’s real estate market remained relatively stable during the global financial crisis relative to other emirates, although the value of some luxury holdings fell. The government has substantially liberalised laws concerning foreign property ownership, allowing foreign nationals to own the freehold of properties in their own name, which looks set to boost foreign investment in the peal estate sector. This chapter contains an interview with Naser Bustami, Group General Manager, Stevin Rock.