PHOTO
ADX-listed RAK Properties, which focuses on the Ras Al Khaimah emirate, announced on Wednesday that it is rolling out a new project pipeline with a gross development value (GDV) of 5 billion UAE dirhams ($1.36 billion) in 2025 for its Mina master plan .
The first project to be launched as part of the updated plan is Mirasol, a two-tower resort-inspired residential project located on Mina’s Raha Island, according to a press statement issued by the developer.
The 339-unit Mirasol comprises studios, apartments and duplexes and is scheduled for handover in the first half of 2028, the statement said, adding that it will also incorporate a restaurant in partnership with Spanish Michelin chef Vicente Torres. The project value wasn't disclosed.
Sameh Muhtadi, CEO of RAK Properties said the updated Mina master plan will include a yacht club, a wharf, a marina boulevard, and multiple beach clubs. The retail component comprises 137 outlets with a combined 23,000 sqm of net leasable area.
RAK Properties is also set to announce major luxury hotel partnerships for Mina within the [first] quarter, which will expand the existing portfolio comprising ultra-luxury NB Collection and two operational luxury hotels - InterContinental Ras Al Khaimah Mina Resort & Spa and Anantara Mina Ras Al Khaimah Resort.
Set across a land area of 4 million square metres (sqm) on the Ras Al Kaimah coast, Mina comprises of three districts, namely Raha Island, Hayat Island, and Lagoons.
(Writing by Deva Palanisamy; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.