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)

(anoop.menon@lseg.com)

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