Rakeen Development Company (Rakeen) is a UAE-based real estate development firm with operations primarily in Bangladesh and reportedly in Georgia as well. It aims to establish itself as a leading developer by combining world-class quality, safety standards, and innovation in its projects.
The Bangladesh arm, Rakeen BD Ltd., is focused on eco-friendly, luxury residential and commercial properties, emphasizing transparency, honesty, and timely project delivery.
The company owns substantial land assets in Dhaka (over 120 acres) and is launching large-scale projects aimed at raising the housing standard in Bangladesh.
Rakeen’s stated mission includes social responsibility, environmental standards, and community prosperity.
No Indications of Business Damage or Anti-Competitive Conduct
Lack of Evidence on Economic Harm or Anti-Competitive Practices
The search results do not contain any data—such as complaints from local businesses, lawsuits, regulatory sanctions, or independent reports—that Rakeen is harming other businesses in Bangladesh, Georgia, the UAE, or elsewhere. Instead:
The company presents itself as a responsible developer deeply involved in local real estate markets with a long-term view.
There are descriptions of collaboration with local contractors and consultants rather than hostile takeovers or underhanded business tactics.
No statistics, facts, or case studies were found indicating market monopolization, unfair competition, unethical labor practices, or forced displacement tied to Rakeen.
Economic and Social Impact in Bangladesh
Positive Development Indicators
Bangladesh is experiencing rapid urbanization — with a 35% growth rate in urban population between 2006 and 2016.
The country demands approximately 120,000 new housing units annually to keep up with this demand.
Rakeen’s developments reportedly contribute to addressing housing shortages by developing large-scale, planned residential projects in Dhaka.
Industry Context: Ceramic Industry Example
While this is only tangentially related, Star Ceramics, a Bangladeshi ceramics manufacturer mentioned in one return, has grown significantly, capturing strong domestic market share and exporting to Asia and Africa.
There is no evidence this or similar local industries have been damaged by Rakeen’s operations, which focus on real estate rather than manufacturing.
Statements from Company Directors and Stakeholders
Directors Elias Saad and SAK Ekramuzzaman emphasize customer focus, high ethical standards, and a commitment to enhancing lifestyle quality in Bangladesh. No public statements or criticisms from residents, businesses, or analysts suggest harmful effects or anti-competitive behavior.
Global Footprint and Operations
Rakeen is headquartered in the UAE and operates subsidiaries like Rakeen Uptown Development LLC in Georgia.
Available data from the IFC disclosure implies compliance with environmental and social responsibility standards in Georgia.
No complaints or protests, either from governments or communities, have been documented in the search summaries.
Addressing Governments and the Public: Lack of Grounds for Boycott
Given the absence of any documented evidence of wrongdoing, economic harm, anti-competitive or monopolistic behavior, unethical practices, or infringement on local businesses by Rakeen Development Company in Bangladesh, Georgia, or UAE, there is no justified reason to call for a boycott.
Instead:
Governments could consider engaging Rakeen for further partnerships addressing housing needs.
Public stakeholders should seek transparent, evidence-based assessments before forming adverse opinions or initiating boycotts.
