Wesam Al Madani to invest Dh1 billion in Al Qasr Island

DUBAI — Saudi-based Wesam Al Madani Group is investing Dh1 billion to develop Al Qasr Island in Ras Al Khaimah.

By Jamila Qadir

Published: Fri 11 Aug 2006, 11:01 AM

Last updated: Sat 4 Apr 2015, 2:10 PM

The group, which has been operating in Jeddah for the past eight years, formed a new company — Wesam Al Madani General Contracting Est both in Dubai and Ras Al Khaimah last month to cover the group's activities in the UAE. Wesam Al Madani, owner and general manager of the group, told Khaleej Times yesterday that the construction work on the new project, which includes the development of the deserted Al Qasr Island within Al Hamra Village in Ras Al Khaimah, would start next month.

"We have secured the island from the Ras Al Khaimah government for Dh500,000. We are going to develop a five star hotel (Al Qasr Island Hotel) and a castle, consisting of two 12-storey buildings, will have 1,006 apartments for sale," he said.

He said the development spread on an area of 500,000 square feet would be built in oriental style and will have a typical oriental souk and restaurants to cater to future residents of the island.

The buildings will have studio, one and two bedroom flats, with prices starting from Dh300,000 for a studio flat and up to Dh645,000 for a two bedroom aparment to be paid in two years in installments.

The development, which is scheduled to be completed by the end of 2008, will be offered to potential buyers on freehold, Al Madani said, adding that despite the fact that the sales were launched yesterday, there is already huge interest from potential investors who want to buy entire blocks.

"We are going to offer good quality apartments, but at competitive prices," he said. "I do not target high-end buyers and want to offer something, which is affordable price-wise and also good to live in," he explained.

He also said that the group, whose interests in Jeddah include real estate, construction, trading and hotels, has signed up to develop a residential tower in Al Nahda, Dubai. There are also plans to build five towers and 200 villas in Dubailand project.

"I am open to any opportunity and am willing to invest all my money in Dubai," he added.

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