UAE’s RAK Properties awards main construction contract for Bay Residence project

UAE’s RAK Properties awards main construction contract for Bay Residence project

RAK Properties, listed on the Abu Dhabi stock exchange, has awarded the main construction contract for its Bay Residence project located on Hayat Island in Mina Al Arab, Ras Al Khaimah to Al Ali Contracting Company.

The developer said in a stock exchange statement on Tuesday that that the contract value, excluding VAT, is 166 million UAE dirhams ($45 million).

Bay Residence is a mixed-use residential project that consists of four apartment buildings, and a podium with restaurants and retail stores directly overlooking the beach, according to past press statements.

In March 2022, the developer had announced the start of foundation works for Towers 1 and 2 of the Bay Residence.

(Writing by SA Kader; Editing by Anoop Menon)