Emaar Properties PJSC has signed an agreement with Al Marjan Island (AMI), a leading waterfront master developer in the UAE, 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 US$1.8 billion with 1500 operational hotel keys and more than 2000 residential units. Al Marjan Island is a cluster of four coral-shaped islands that is set to be a tourism and leisure hub.
Emaar will pilot the first phase of its project on Al Marjan Island, which will feature a five-star luxury hotel and serviced residences and a world-class retail precinct. Framed against the Yanas and Jais Mountains, and with its exotic all-round waterfront location, the development is aimed to drive the growth of the tourism, hospitality and retails sectors.
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’s 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 assuring visitors the highest standards of lifestyle, leisure and retail attractions.
Sheikh Khalid Bin Saud Al Al Qasimi 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. The hospitality and leisure developments will enhance the competitiveness of Al Marjan Island with truly world-class infrastructure set in an exotic natural setting, creating short- and long term value for all stakeholders.”
Mohamed Alabbar said: “Al Marjan Island is a spectacular development that will add incredible value to Ras Al Khaimah, which has tremendous potential for growth. 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.”
Architech Abdullah Al Abdooli, Managing Director, Al Marjan Island said : “Al Marjan Island is a major property and tourism destination, and the agreement with Emaar marks the progress of this master-development. Our goal is to create world-class integrated lifestyle amenities that meet the needs of visitors in terms of accommodation, leisure, F&B and retail. Emaar is a leader in developing integrated master-planned developments, and this key projectwill definitely drive inward investments through its upcoming hotel, serviced residences and retail centres.”
Ahmad Al Matrooshi, Managing Director of Emaar Properties added: “The signing of the agreement is the result of discussions among the two entities over the past several months to finalise a clear vision and action plan. With this agreement, Emaar is marking its expansion to Ras Al Khaimah for the first time. The emirate has tremendous potential for tourism and retail growth, which we are leveraging through our developments. We will adhere to the highest standards of quality in the development of this project.”
Emaar Properties is a global property developer and provider of premier lifestyles. Since the company’s inception in 1997, Emaar has been extending its expertise in developing master-planned communities internationally, and today, has a significant presence in several key global markets. Simultaneously, the company has developed competencies in hospitality & leisure, and shopping malls & retail.
A highlight of Emaar’s approach to developing integrated lifestyle destinations is Downtown Dubai, the 500-acre, AED 73 billion (US$ 20 billion) flagship development featuring global icons including: Burj Khalifa; The Dubai Mall, the world’s largest shopping and entertainment destination; The Dubai Fountain, the tallest performing fountain; and Dubai Opera.
Emaar is developing Dubai Creek Harbour, a magnificent waterfront city that will define the ambitious new face of Dubai’s future. In close proximity to the Dubai International Airport and the Ras Al Khor Wildlife Sanctuary, Dubai Creek Harbour is located on a land area of 6 sq km and is anchored by ‘The Tower,’ a spectacular icon designed by Spanish-Swiss architect Santiago Calatrava.