Novel buys 720,000 sq ft plot of land on Al Marjan Island to develop hotel, hotel apartments and shops
A Chinese investment firm has signed an agreement with Al Marjan Island (AMI) Company to acquire a plot of land on Ras Al Khaimah's man-made island.
Novel International Group has bought the 720.000 sq ft plot, with plans to develop a tourism and retail project, a statement said.
The project involves a mixed-use development hotel, hotel apartments and shops, it added.
Alan Feng, director, Novel, said: “The UAE has always been for us the hub to develop our activities in the Middle East market.
"Ras Al Khaimah represents a lot of potential for us as investors, and the nature and infrastructure assets especially in Al Marjan Island and around are a winning card to bring the attention of China to the region.”
Abdullah Rashed Al Abdooli, managing director of AMI Company, added: "It is with great pride that we announce this partnership today. Novel Group is so far one of our biggest investors and we are delighted that they have chosen Al Marjan Island in Ras Al Khaimah for their new development in the UAE."
Headquartered in Shanghai, Novel said it has a dedicated overseas fund, estimated at more than $200 million, to focus on engineering construction projects abroad.
The group also has a presence in South Korea, Australia, Indonesia and India.
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