UAE investor launches $200mln mixed-use project in RAK

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UAE-based Indian investor Ivan Richard Menezes, the director of United Ventures and Investments Limited, has announced the launch of a 300-room hotel and discovery, fitness and history-themed entertainment park at Al Marjan Island in the northern emirate of Ras Al Khaimah, at a total development value of $200 million.

Al Marjan Island is only 15 minutes away from the Ras Al Khaimah International Airport and 45 minutes from the Dubai International Airport.

The island currently has over 1,600 operational five-star hotel keys, including Rixos Hotels, Hilton Hotels & Resorts and Accor Hotels brands, and more than 2,000 residential units including Bab Al Bahar residential and Pacific by Select Group.

Welcoming the project, Engineer Abdullah Al Abdooli, the managing director and chief executive of Marjan, said: "The announcement underlines Marjan’s focus on welcoming inward investment to develop freehold property with a focus on mixed-use projects that add considerable value to the economy. At Al Marjan Island, we offer developers a plug-and-play model of purchasing land with development."

"The mixed-use project will further drive tourism and also catalyse the economy as a leisure attraction for families, sports lovers, and fitness enthusiasts. We are committed to further strengthening the amenities offered in Ras Al Khaimah and in positioning it as a world-class tourism and investment hub," he noted.

According to Menezes, Al Marjan Island and Ras Al Khaimah offer a unique experience and great potential for investment in tourism and leisure.

"Its central location and world-class infrastructure as well as easy connectivity make it an ideal destination for a world-class holiday and entertainment centre for families and tourists alike seeking a holiday that offers them a lot of everything in one location like no other," he noted.

"With our development, we are bringing the region’s largest of its kind attraction in the Middle East offering an experience that will have several innovative feel-good, discovery, fitness, historical and thrill-based offerings that appeal to all from UAE and the world," he added.-TradeArabia News Service

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