Dubai: Ras Al Khaimah’s property development space gets a major year-end boost with Emaar coming on board for a high-end hotel and serviced apartment venture. The project, which also involves an upscale retail precinct, will be located on the man-made offshore location, Al Marjan Island.
This is Emaar’s first exposure to Ras Al Khaimah and its second within the northern emirates — it is associated with a mixed-used project in Umm Al Quwain.
Billed as Ras Al Khaimah’s first man-made project, Al Marjan Island is expected to cost more than $1.8 billion (Dh6.61 billion) to develop, and will have 1,500 hotel keys and 2,000 homes. It will be shaped in a cluster of four coral-shaped “islands” and will play a central role in the emirate’s aspirations to be one of the region’s tourism hubs.Emaar assumes onus for the first phase of the project; it is framed against the Yanas and Jais Mountains and enjoys a prime waterfront location. The developer’s footprint will span 2 million square feet.
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