Emaar Properties has signed an agreement with Al Marjan Island (AMI) to develop two million sq ft mixed-use projects including high-end residential, hospitality and retail components in Al Marjan Island in Ras Al Khaimah, a press statement has said.
Marjan Island is Ras Al Khaimah’s first man-made project and has a development value of over US$1.8 billion.
Al Marjan Island chairman 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.”
Emaar Properties chairman 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.”
Once completed, the development will include 1,500 operational hotel keys and more than 2,000 residential units.