Solanki plans to invest Dh12bn in real estate

Solanki Real Estate, a newly announced branch of Solanki Holdings, has planned to invest Dh12bn in real estate development. Their flagship development is located on Al Marjan-islands in Ras Al Khaimah and is expected to cost nearly Dh9bn ($2.4bn).

The project will comprise more than 1500 apartments, 100 residential villas, commercial property and hotels. It will also include a shopping mall, with various entertainment options and retail offerings similar to those found in Dubai.

Despite the global financial crisis and its impact on the real estate market, Solanki has confidence in its time of launch. According to Solanki, business activity has increased in RAK with the RAK Free Trade Zone being one of the fastest growing free trade zones in the UAE. The Ras Al Khaimah government has predicted that its population will go from just under 200,000 to 750,000 by the year 2020.

Following the launch of the Dh9bn project on the Al Marjan island, Solanki plans to extend its portfolio offering real estate projects in the other emirates, starting with Dubai. These offerings will include projects in the International City, Dubai Silicon Oasis, Dubailand and Jumeirah Village.