It marks the Dubai-based developer’s first foray into the northern emirate
Emaar Properties will develop a five-star luxury hotel, serviced residences and a retail precinct in Al Marjan Island in Ras Al Khaimah. It marks the Dubai-based developer’s first foray into the northern emirate.
The agreement was signed by Shaikh Khalid bin Saud Al Qasimi, chairman of Al Marjan Island, and Mohamed Alabbar, chairman of Emaar Properties. Emaar will develop the two million sq ft project on the island.
Al Marjan Island has a development value of over $1.8 billion with 1,500 operational hotel keys and more than 2,000 residential units. It is a cluster of four islands called Breeze, Treasure, Dream and View. Breeze Island is already home to three hotels – Rixos Bab Al Bahr, Double Tree by Hilton and Marjan Island Resort and Spa.
Al Qasimi said: “This agreement demonstrates the evolution of Al Marjan Island as Ras Al Khaimah’s defining leisure and hospitality destination. 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.”
Alabbar said: “Al Marjan Island is a spectacular development that will add incredible value to Ras Al Khaimah, which has tremendous potential for growth. 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 master development.”
Abdullah Al Abdooli, managing director, Al Marjan Island, said: “Our goal is to create world-class integrated lifestyle amenities that meet the needs of visitors in terms of accommodation, leisure, F&B and retail. Emaar is a leader in developing integrated master-planned developments, and this key project will drive inward investments through its upcoming hotel, serviced residences and retail centres.”
Ahmad Al Matrooshi, managing director of Emaar Properties, said: “With this agreement, Emaar is marking its expansion to Ras Al Khaimah for the first time. The emirate has tremendous potential for tourism and retail growth, which we are leveraging through our developments.”
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