Chinese firm to develop mixed-use project in RAK
Novel International Group plans to develop a tourism and retail project which will feature a mixed-use development hotel, hotel apartments, and shops
Novel International Group, a Chinese investment firm, has inked a contract with Al Marjan Island (AMI) Company to acquire land on Ras Al Khaimah's man-made island.
The firm plans to develop a tourism and retail project on a 6.68ha plot, according to Arabian Business. The project features a mixed-use development hotel, hotel apartments, and shops.
Alan Feng, director of Novel, said: “The UAE has always been for us the hub to develop our activities in the Middle East market.
"Ras Al Khaimah represents a lot of potential for us as investors, and the nature and infrastructure assets especially in Al Marjan Island and around are a winning card to bring the attention of China to the region.”
Abdullah Rashed Al Abdooli, managing director of AMI Company, added: "It is with great pride that we announce this partnership. Novel Group is so far one of our biggest investors and we are delighted that they have chosen Al Marjan Island in Ras Al Khaimah for their new development in the UAE."
Based in Shanghai, Novel said in a statement it has a dedicated overseas fund, estimated at more than $200m, to focus on engineering construction projects abroad.