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Emaar Properties to build hotel on RAK’s Marjan Island

2016-12-26 12:25:10

 

Emaar Properties has announced plans to build its first major hotel project in Ras Al Khaimah as part of the emirate’s ambitious tourism plans.

Dubai’s largest listed property developer said it has struck a deal to build a 2 million square foot scheme on man-made Marjan 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 island’s 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."

According to property broker CBRE, the number of visitors to RAK increased 10 per cent year-on-year to 613,000 in the year to September. Visitor numbers for the emirate are expected to reach 820,000 this year and the Ras Al Khaimah Tourism Development Authority is targeting between 2.5 million and 2.9 million a year by the end of 2025.

Ras Al Khaimah has about 5,000 hotel rooms – 46 per cent of which are in luxury, five-star properties and 41 per cent in four-star, with the remaining 13 per cent in budget properties. More than 1,000 new hotel rooms will added by the end of 2018. 

In February Qatar Airways started running four weekly flights between RAK Airport and Doha, while a number of charter flights started operating this year from the airport to destinations including Warsaw and Katowice.

 

( courtesy of TheNational )