Construction & Real Estate

Construction remains a key sector in RAK, with the industry driven by a combination of infrastructure, housing and hospitality schemes. The emirate’s role in providing raw materials and manufactured components for mega projects in the UAE and beyond looks set to continue as the region builds up to major events such as the 2022 FIFA World Cup. Strong demand continues to drive new residential development across the emirate, particularly in the case of seaside residential developments. New mortgage regulations introduced by the Central Bank of the UAE and the launch of the federal Al Etihad Credit Bureau are factors expected to reduce risk for lenders moving forward.

This chapter contains an interview with Abdullah Rashed Al Abdooli, Managing Director, Al Marjan Island.