FINANCIAL NEWS

Rakeen completes 80% work at Al Marjan Island

09 Jun 2010

(MENAFN) UAE-based property developer Rakeen said that it has completed 80 percent of infrastructure work on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah.

The company said in a press statement that the project was on track for its targeted completion date in 2012. Rakeen further revealed that infrastructure services such as potable water system, irrigation system, storm water system, rising main system and vacuum system will be ready by the time the first development projects on the island are completed.

According to the statement, the first phase of the infrastructure work, consisting of Peninsula Island No. 1 and 2, was awarded to Kumho Industrial from South Korea, which began construction work in September 2008.

The second phase, consisting of Peninsula Island 3 and 4, was granted to Italian contractor Rizzani De Eccher and work started in November 2009.

Technical Director of Rakeen, Yahia Kambris, said that the construction work has progressed according to schedule and we are on track to complete all infrastructure work in a year and a half. He added that the first development projects to be completed on the island will then be able to hook up to the infrastructure services and enjoy various amenities on the island.

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