RAK Properties awards marina construction contract
Majestic Jetties & Marinas to work on lifestyle marina at Mina Al Arab in Ras Al Khaimah
RAK Properties, one of the biggest property developers listed on the Abu Dhabi Stock Exchange, announced it has awarded a contract for the construction of phase 1 of its lifestyle marina at Mina Al Arab.
The marina, which will be located at the centre of the Lagoon Walk, is aimed at providing long-term berthing for recreational vessels that span up to 25m in length. Construction work for the marina will be carried out by Majestic Jetties & Marinas, a UAE-based engineering firm specialising in the construction of marinas, slipways and so on.
When complete in the fourth quarter of 2015, the marina aims to further boost the appeal of Mina Al Arab, a mixed-use development along the coastline of Ras Al Khaimah being developed by RAK Properties.
Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties, remarked: "We are pleased to award this contract to Majestic Jetties & Marinas, which has an excellent track record of constructing marinas across the UAE.
"A waterfront development such as Mina Al Arab, which has lifestyle living at its core, will require top-notch berthing facilities for recreational vessels, and we are glad that the construction of the new marina will commence soon."
The marina is expected to significantly drive visitor footfall to the Lagoon Walk which, according to RAK Properties, is seeing growing interest from retail and F&B outlets. Mina Al Arab's most prominent development project is Bermuda Villas, announced for construction by Al Tameer Group in November 2014.
RAK Properties launched Mina Al Arab, spread over an area of 4m sqm at a cost of $2.72bn (AED10bn), in May 2006. In February 2015, the company announced it will construct a new residential project at Reem Island in Abu Dhabi, and a hotel at Mina Al Arab to provide a "specialist hospitality segment".