Emaar Properties said on Wednesday it has signed an agreement to develop 2 million sq ft mixed-use projects including high-end residential, hospitality and retail components in Al Marjan Island in Ras Al Khaimah.
Ras Al Khaimah’s first man-made project, 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 coral-shaped islands that is set to be a tourism and leisure hub.
Emaar said in a statement that the first phase of its project on Al Marjan Island will feature a five-star luxury hotel and serviced residences and a world-class retail precinct.
The agreement was signed by Sheikh Khalid Bin Saud Al Qasimi, chairman of Al Marjan Island, and Mohamed Alabbar, chairman of Emaar Properties.
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.
Emaar said its projects are aimed at driving inward investments to Ras Al Khaimah, boost the emirate’s economy and establish Al Marjan Island as the must-visit tourist destination in the UAE.
Sheikh Khalid 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.”
Alabbar added: “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.”
Emaar said the agreement marks its expansion to Ras Al Khaimah for the first time, adding that the emirate has "tremendous potential for tourism and retail growth".
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