Wednesday, Dec 21, 2016

Dubai: Ras Al Khaimah’s property development space gets a major year-end boost with Emaar coming on board for a high-end hotel and serviced apartment venture. The project, which also involves an upscale retail precinct, will be located on the man-made offshore location, Al Marjan Island.

This is Emaar’s first exposure to Ras Al Khaimah and its second within the northern emirates — it is associated with a mixed-used project in Umm Al Quwain.

Billed as Ras Al Khaimah’s first man-made project, Al Marjan Island is expected to cost more than $1.8 billion (Dh6.61 billion) to develop, and will have 1,500 hotel keys and 2,000 homes. It will be shaped in a cluster of four coral-shaped “islands” and will play a central role in the emirate’s aspirations to be one of the region’s tourism hubs.

Emaar assumes onus for the first phase of the project; it is framed against the Yanas and Jais Mountains and enjoys a prime waterfront location. The developer’s footprint will span 2 million square feet.

“Through the agreement, we will create a new magnet for investments in the tourism, hospitality and retail sectors,” said Mohammad Alabbar, Chairman of Emaar, in a statement. “Al Marjan Island has several unique features, including its spectacular location, which will appeal to investors from across the world.”

The latest signing sets up Emaar for a new generation of multi-phase projects and also slightly reduces its concentration on Dubai-based activity.

Ras Al Khaimah’s real estate development activity has had a steady year, with its hotels sustaining its popularity among its core clientele, especially from Europe.

The emirate’s leading master-developer, RAK Properties, also completed key project milestones at its Mina Al Arab destination, especially on the residential side. And, just recently, it confirmed the revival of a hotel project featuring InterContinental.

Estimates suggest that the emirate can easily accommodate a further 10,000 hotel rooms and more over the next decade. There has also been growing investor interest in the emirate’s available freehold options.

Al Marjan Island extends over 4.5 square kilometres into the sea. “Emaar’s projects will be a qualitative addition to Al Marjan Island’s vision to be positioned in the global map of tourism and investments,” said Shaikh Khalid Bin Saud Al Al Qasimi, Chairman of Al Marjan Island, the operating company.

“The hospitality and leisure developments will enhance the competitiveness of Al Marjan Island with world-class infrastructure set in an exotic natural setting.”

Staff Report

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