Emaar Properties to build hotel on RAK's Marjan Island
Emaar Properties is set to develop thousands of hotel rooms on Marjan Island in Ras Al Khaimah, its first major project in the northernmost emirate.
Dubai’s largest listed property developer said that it has struck a deal to build a 2 million square foot scheme on the man-made island.
It said that the project would include a five star luxury hotel, serviced apartments and shops. It will also include retail and residential elements.
The agreement was signed by Sheikh Khalid Bin Saud Al Qasimi, chairman of Al Marjan Island, and Mohamed Alabbar, chairman of Emaar Properties.
The man-made cluster of four coral shaped islands has a development value of more than US$1.8 billion, Emaar said in a statement.
The islands currently house three hotels – Rixos Bab Al Bahr, Double Tree by Hilton and Marjan Island Resort and Spa – with about 1,500 hotel rooms all located on a first island.
According to Al Marjan Island, the government-owned master developer of the island cluster, another six hotels will be built on a second island.
The entire development is set for completion in 2025, and will have about 8,000 hotel rooms.
Mr Alabbar said that RAK had “tremendous potential for growth.”
“Through the agreement, we will create a new magnet for investment in the tourism, hospitality and retail sectors,” he said. “We will bring our proven competencies in hospitality, retail and mixed-use developments to this unique master-development.”
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