Marjan becomes Ras Al Khaimah's freehold master developer
The company will take control of all assets and activities on Marjan Island
Marjan Properties has announced its operational launch as the master-developer of freehold property in the UAE emirate of Ras Al Khaimah, taking control of all assets and activities on mega-development Marjan Island.
According to a statement, the company will operate as an independent entity responsible for leading the development of freehold projects in Ras Al Khaimah.
As part of the move, Marjan will acquire the four-island mega development Al Marjan Island, and all its real estate activities and assets.
“Marjan will also focus on strategic partnerships with leading local and international real estate companies, as well as feasibility studies for new freehold projects, which will play a key role in driving growth in the emirate,” the group explained in a statement.
This new entity also intends to lay the foundation for the future freehold development of Ras Al Khaimah, stating also that it will “follow a phased plan and prioritise the work of each freehold complex being developed”.
Speaking on the move, Abdulla Al Abdooli, who will serve as Marjan’s managing director and chief executive officer, said: "Marjan’s vision for Ras Al Khaimah is to support the diversification of the emirate with a focus on real estate and enhance its attractiveness to tourists and investors from across the globe thanks to its world-class destinations.”
“Ras Al Khaimah has incredible growth potential and Marjan is positioned as the master-developer of urban projects within a precise and integrated framework that will help attract foreign investments and support economic growth by enhancing the performance of the hospitality, tourism, retail and real estate sectors."
The news comes as various development projects in the emirate pick up steam.
Al Hamra Real Estate Development, a subsidiary of Al Hamra Group, is working on expanding Manar mall – the biggest shopping centre in Ras Al Khaimah – to double its size, as reported by Construction Week in early August this year.