Having made giant strides in the implementation of its strategic plan (2008-2012), the emirate of Abu Dhabi is aiming to create sustainable industrial growth driven by the ongoing economic boom. Utilizing the windfall from a five-fold increase in oil prices, the UAE's capital has posted an impressive growth in non-oil sectors, with the manufacturing sector accounting for 11 percent of the GDP in 2008, while the real estate and construction sectors accounted for 4 and 9 percent, respectively. These figures reflect the serious efforts being made by the emirate to achieve diverse economy, in a bid to reduce reliance on oil revenue. Dr Abdulraman Al-Tassan, CEO of RAKAA Properties, said “Abu Dhabi will be focusing on developing infrastructure projects to cater to the needs of its growing population. The emirate is planning to spend upwards of $200 billion on infrastructure projects, as part of Plan Abu Dhabi 2030, amidst forecasts of 40 percent population growth over the next five years, to 1.3 million. This projected increase will result in need for an additional 700,000 residential units over the coming two decades, to cater to a population that may reach 3.5 million by 2030. Currently, there are an estimated 180-200,000 residential units in the market.” Al-Tassan, whose company is developing three smart home technology-equipped towers on Al- Reem Island, added that “Abu Dhabi is leading the way in looking for alternative energy sources and developing its industrial sector. The emirate has played host to the latest technological trends, such as the recently unveiled “The Reem B Robot”, one of the most advanced robots in the world, which has the ability to recognize face, voice and objects, and to map and navigate its environment.” The manufacturing sector, which accounted for 11 percent of Abu Dhabi's total GDP in 2008, is projected to continue to grow as mega projects in heavy and light industries, foodstuff industries and other non-oil manufacturing industries are launched in the emirate. The industrial boom, coupled with tremendous investment opportunities, will reduce reliance on oil revenue by 10 percent over 15 years. RAKAA Properties, part of RAKAA Holding, is a Riyadh based company which was established in 1990.The organization has offices in the UAE, Sudan and the US. Since its establishment, RAKAA has bought together knowledgeable experts in their field to help develop a variety of well structured projects that now in total, cover an impressive area of 1.3 million m². Over the past 17 years RAKAA have developed a wide and varied property portfolio that range from office buildings, open and closed commercial compounds, residential buildings, luxury hotels and villas that are situated throughout the Kingdom of Saudi Arabia. A fter an in-depth study of the real estate investment economies of its neighbouring countries, RAKAA decided to enter these new markets and further diversify its investment portfolio. The company has chosen to expand into the UAE, predominantly in the capital of Abu Dhabi, where they have recently launched three state-of-the-art towers located on Al-Reem Island, one of the emirate's most prestigious mega developments. __
