Emaar, RAK's Al Marjan Island ink development deal
Emaar will pilot the first phase of its project on Al Marjan Island, which will feature a five-star luxury hotel, serviced residences and a retail precinct
Global developer, Emaar Properties, has signed an agreement with master developer, Al Marjan Island (AMI), to develop 18.5ha mixed-use projects, including high-end residential, hospitality, and retail components in Al Marjan Island in Ras Al Khaimah.
Emaar will pilot the first phase of its project on Al Marjan Island, which will feature a five-star luxury hotel, serviced residences and a retail precinct. Framed against the Yanas and Jais Mountains, and with its all-round waterfront location, the development is aimed at driving growth in the tourism, hospitality, and retail sectors.
The agreement was signed by Sheikh Khalid Bin Saud Al Qasimi, chairman of Al Marjan Island, and Mohamed Alabbar, chairman of Emaar Properties.
The agreement envisages the development of several hospitality and retail projects in Al Marjan Island, which extends over 4.5 sq km into the sea.
Emaar’s projects are aimed at driving inward investments to Ras Al Khaimah, boost the emirate’s economy, and establish Al Marjan Island as the must-visit tourist destination in the UAE, assuring visitors the highest standards of lifestyle, leisure, and retail attractions.
Sheikh Qasimi said: “This agreement demonstrates the evolution of Al Marjan Island as Ras Al Khaimah’s defining leisure and hospitality destinations. 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. The hospitality and leisure developments will enhance the competitiveness of Al Marjan Island with truly world-class infrastructure set in an exotic natural setting, creating short- and long term value for all stakeholders.”
Mohamed Alabbar said: “Al Marjan Island is a spectacular development that will add incredible value to Ras Al Khaimah, which has tremendous potential for growth. Through the agreement, we will create a new magnet for investments in the tourism, hospitality and retail sectors supporting the vision of the government to boost the tourism sector and create jobs. Al Marjan Island has several unique features, including its spectacular location, which will appeal to investors from across the world. We will bring our proven competencies in hospitality, retail and mixed-use developments to this unique master-development.”
Ras Al Khaimah’s first man-made project, Al Marjan Island, has a development value of over $1.8bn, with 1,500 operational hotel keys and more than 2,000 residential units. Al Marjan Island is a cluster of four coral-shaped islands that is set to be a tourism and leisure hub.