Emaar Properties has confirmed plans for a 185,806m2 mixed-use project on the man-made Al Marjan Island in Ras Al Khaimah, which will include high-end residential, hospitality and retail components
This news follows the inking of an agreement between chairman, Al Marjan Island, Sheikh Khalid Bin Saud Al Qasimi and chairman, Emaar Properties, Mohamed Alabbar.
Emaar is set to pilot phase one of its project on the Island, which entails a five-star luxury hotel and serviced residences as well as a world-class retail precinct.
Al Qasimi enthused on the news: “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.”
Meanwhile, 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,” he added.