5 minutes with Mohammed Sultan Al Qadi, Managing Director & CEO, RAK Properties

How did you find Cityscape Global this year?

Cityscape is getting better year after year. In previous years, all the exhibitors used to be in one hall, now we have an entire hall for national companies. This is an indicator that the event is getting demands not only from local companies but also from regional and international organizations. Many factors has contributed to this success including the UAE’s location and good reputation with regards to security and settlement. Also, because of the country’s outstanding infrastructure.

Moreover, over 200 nationalities live in this country without any conflicts, and there are very flexible rules and regulations for investors. Thus, people from any nationality can buy and own properties here. They can also choose from different types of units, be it luxurious, high end, middle class or affordable apartments.

Where do you see more demand at the moment?

Today, middle class units are more in demand. There is around 5% demand on high end houses but the majority of people are interested in affordable middle class properties.

We have been hearing a lot lately that buyer’s appetite on properties is decreasing. How do you explain that?

I don’t agree with that. Demand is still there, especially after Dubai won the bid to host Expo 2020, as we started seeing a lot of demand from different nationalities not only from locals. This gives us confidence in the local market.

During every event, we see developers launching new projects. Those developers wouldn’t do that unless there is a strong demand. We are very optimistic about the market and we see events like Cityscape a great platform for real estate developers to launch their projects.

What are you exhibiting at this year’s Cityscape?

Mainly, Mina Al Arab, a huge waterfront community in Ras Al Khaimah. It is divided into phases and we have already completed and handed over apartments from the first stages. Now, we are completing other stages gradually. We spent 1 billion AED on Mina al Arab’s infrastructure and we plan to have 50 thousands habitants in this area.

Last year, we launched Flamingo Villas project as part of the Mina Al Arab community. Villas here are more affordable thus more attractive to customers.

We have just signed (at Cityscape) a Hotel Management Agreement with international hotel owner, operator and investor Minor Hotel Group (MHG) to operate a luxury eco-themed waterfront resort in RAK – Anantara Mina Al Arab Ras Al Khaimah Resort.

What are your upcoming projects?

A new project, estimated to cost us around 3 billion AED, will be implemented in Mina Al Arab. It comprises hotels, apartments, towers, shops and restaurants.

Moreover, we are also planning to launch a new residential tower in Al Reem Island, Abu Dhabi before the end of 2015.

 View the Article on Capital Business Here