RAK's Al Marjan Island signs development deal with Emaar
Posted on 22nd December 2016
First phase of its project on Al Marjan Island, which will feature a five-star luxury hotel, serviced residences and a retail precinct, will be carried out by Emaar. 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 proposes 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.
According to constructionweekonline news reports, 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.”
“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', said Mohamed Alabbar.
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.Back to all Construction News
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