Al Hamra announces five-year roadmap to boost investment, business, residential and tourism in Ras Al Khaimah
The five-year campaign will be driven by a three-pronged approach to position the firm as the creator of premier lifestyle experiences, quality products, and world-class services
Real estate development and investment company Al Hamra has unveiled a $272mn, five-year roadmap (2023-2027) to drive sustained growth through strategic developments in Ras Al Khaimah. The plan is said to be in line with the vision of Ras Al Khaimah’s leadership to establish the emirate as one of the leading investment, business, residential and tourism destinations.
According to a statement, the development campaign will be characterised by significant additions to its existing real estate and hospitality portfolio and optimisation of existing assets, ensuring strategies are in place for a systematic technology upgrade and enhancing customer experience in retail that will further strengthen the brand equity.
The five-year campaign will be driven by a three-pronged approach to position the firm as the creator of premier lifestyle experiences, quality products, and world-class services in the northern region by upgrading to innovative branded hospitality, optimising retail, developing both vertical and horizontal real estate assets as well as investing in value-added services, the statement explained.
“Led by the vision of HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, the emirate offers the best combination of affordable infrastructure, investment opportunities, new avenues for development and a strategic balance between scalability, risk-management and attractive returns on investment. Al Hamra continues to assess sound activations to build on the emirate’s status, as one of the region’s most livable destinations through a variety of select lifestyle and commercial offerings. Our five-year strategy is a carefully considered approach to highlight Ras Al Khaimah’s eminent status as a competitive investment and tourism destination, providing viable options for success in the post-pandemic world,” said Benoy Kurien, group CEO, Al Hamra.
In addition, Al Hamra will reinforce its reputation as an industry game-changer, bringing in many firsts and bests to the emirate supporting the emirate’s economic growth, tourism strategy and livability agenda. It will play a key role in attracting inward investments to Ras Al Khaimah, further contributing to the fast-paced development of the emirate.
With a view to attracting investments locally, regionally, and internationally, Al Hamra recently divested its 27,000sqm Al Hamra Mall to Aldar Properties for $112mn. The profitable sale of this asset sends a convincing message of Ras Al Khaimah’s enormous promise and growth as a retail and tourism hub in the UAE, aided by attractive demographics and strong market dynamics, the company said.
Al Hamra’s immediate focus will be to further enhance Manar Mall and establish its reputation as the most preferred retail destination that offers a complete family experience in the Northern Region. In addition, relaunch plans are being put into place for hospitality, retail, and leisure businesses such as Al Hamra Residence, Al Hamra Village and Residence, Waterfront, Al Hamra Marina & Yacht Club and select F&B outlets. Continued attention will also be given to the group’s residential, hospitality and commercial projects in the emirates, the statement concluded.
