Emaar has signed an agreement with Al Marjan Island to develop a 2 million ft2 mixed-use project in Ras Al Khaimah, which includes a five-star luxury hotel, serviced residences and a retail component.
With the objective of growing the tourism, hospitality and retail sectors on Al Marjan Island, the development marks Emaar’s debut in Ras Al Khaimah.
Mohamed Alabbar, chairman of Emaar Properties commented: “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.”
Ras Al Khaimah’s first man-made project, Al Marjan Island has a development value of over US$1.8 billion with 1,500 operational hotel keys and more than 2,000 residential units.
The project is composed of four coral-shaped islands, with a total area of 4.5km2.
Sheikh Khalid Bin Saud Al Qasimi, chairman of Al Marjan Island 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.”