Rakaa unveils $272m Abu Dhabi project

Rakaa Properties, the real estate arm of Saudi Arabian conglomerate Rakaa Holdings, has announced a Dhs1bn ($272m) project consisting of three towers on Abu Dhabi's Reem Island, reported Gulf News. Rakaa's CEO Mahmoud Naji said two of the towers will be residential and the other will be mixed-use. The average launch price of the units offered is Dhs1,550 per square foot. The development is freehold and the targeted delivery is the fourth quarter of 2010.