Major agreement to develop 2 million sq ft of projects including residential, hospitality and retail at Al Marjan Island
Emaar Properties has signed an agreement to develop 2 million sq ft of residential, hospitality and retail projects on Al Marjan Island in Ras Al Khaimah.
The agreement was signed with Al Marjan Island (AMI), a leading waterfront master developer in the UAE, Emaar said in a statement.
Ras Al Khaimah’s first man-made island project, Al Marjan Island has a development value of over $1.8 billion with 1500 operational hotel keys and more than 2000 residential units. It is formed of a cluster of four coral-shaped islands, and is set to be a tourism and leisure hub.
Emaar said it will pilot the first phase of its project on Al Marjan Island, which will feature a five-star luxury hotel and serviced residences and a retail precinct.
The agreement envisages the development of several hospitality and retail projects in Al Marjan Island, which extends over 4.5 sq km into the sea.
It was signed by Sheikh Khalid Bin Saud Al Qasimi, Chairman of Al Marjan Island, and Mohamed Alabbar, Chairman of Emaar Properties.
Sheikh Khalid Bin Saud Al Al 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.”
Mohamed 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.”
Ahmad Al Matrooshi, Managing Director of Emaar Properties, added: “The signing of the agreement is the result of discussions among the two entities over the past several months to finalise a clear vision and action plan. 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. We will adhere to the highest standards of quality in the development of this project.”