UAE's RAK Properties says Anantara Mina Al Arab resort to open in 2020
Comprising 306 rooms, Anantara Mina Al Arab Ras Al Khaimah will feature luxury rooms and suites, health facilities, and restaurants
The Anantara Mina Al Arab resort in Ras Al Khaimah is on track to open in 2020, its developer has confirmed.
RAK Properties said the overwater villa complex in the UAE emirate is progressing as planned.
In December 2016, it was announced that RAK Properties had awarded Al Nuaimi Group an $8m (AED30m) enabling works contract for the project.
Al Nuaimi Group's contracted scope included piling and earthworks activities.
Comprising 306 rooms, Anantara Mina Al Arab Ras Al Khaimah will be operated under Intercontinental Hotel Group's (IHG) umbrella.
Luxury rooms and suites, a health club and spa, two pools, a gym, and restaurants will be part of the facility.
RAK Properties posted net profit worth $52.2m (AED192m) in 2017.
The figure is a 10% increase compared to 2016 net profit, worth $47.6m (AED175m), Arabian Business reported.
Mohammed Al Qadi, chief executive officer and managing director of RAK Properties, said the latest net profit would give the development firm "balanced financial leverage" to support its ongoing project, and launch new schemes.
The last 12 months have been positive for RAK Properties, which launched Northbay Residence as part of its portfolio at Hayat Island, in September 2017.
The 3,623m2 development will be completed by 2020, and comprises one-, two-, and three-bedroom apartments, as well as duplex units.
Commenting on the project at the time, Qadi said: "With the exponential market response to Hayat Island, Northbay Residence is continuing to attract investors.
"The development will leverage from our expertise of delivering vibrant and modern communities," he added.
Northbay Residence's launch followed the unveiling of Hayat Island, RAK Properties' 55.7ha mixed-use project that will feature food and beverage, shopping, and recreational offerings, in addition to hospitality and residential options, in Ras Al Khaimah.
Hayat Island's residential component comprises 2,457 apartments, split as 1,152 one-bedroom, 985 two-bedroom, and 320 three-bedroom units.
Townhouses and villas will also be developed as part of the project’s residential component.