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.

Premier Inn to develop hotels in RAK and Umm Al Quwain

Premier Inn, the British budget hotel chain that has a partnership with Emirates in the region, has secured sites in Ras Al Khaimah and Umm Al Quwain for developing hotels.

It already has sites at Dubai Investments Park, Dubai Silicon Oasis, Dubai International Airport and Dubai Al Jadaf and in Abu Dhabi at Capital Centre.

The company aims to operate more than 6,000 rooms across the GCC by 2012.

Darroch Crawford, managing director of Premier Inn in the Middle East, said: “We are delighted to add these two excellent sites in the northern emirates to our portfolio. It is our aim to provide high quality, low cost accommodation throughout the region, offering customers a value for money which is unprecedented in the region.

“We hope to announce further sites soon in Fujairah, Abu Dhabi, Muscat, Doha and throughout the kingdom of Saudi Arabia.”

In Ras Al Khaimah, the hotel will be located on the corner of Bridge Road and Bin Dahir Road near the Creek and will boast 232 rooms.

The property in Umm Al Quwain will be situated on the Ajman-Ras Al Khaimah Road and comprise some 186 rooms, all of the same high standard that the Premier Inn brand has become associated with.

Premier Inn Hotels is a joint venture between Premier Inn and the Emirates Group.

Derek Swan, senior vice-president of Emirates corporate development, said: “Following the successful opening of the first Premier Inn property in Dubai Investments Park it’s clear that there is a big market for low cost accommodation in the hospitality sector so we were keen to move on with our plans and secure more sites and offer a “value” hotel model to as many people as possible across the region.”

Gulfnews