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Emaar plans its first real estate project in Ras Al Khaimah

UAE - December 22, 2016
Emaar

Emaar properties has announced it plans to enter Ras Al Khaimah with an investment project.

The project, located on Al Marjan Island, will occupy an area of 2 million square feet.

It is a hospitality, retail, and residential development.

It will include a five-star luxury hotel and serviced residences.

In addition to a high-end retail precinct in its first phase.

The project will also serve as part of Ras Al Khaimah’s initiative to boost tourism.

The emirate plans to reach 3 million tourists by 2025.

Sheikh Khalid Bin Saud Al Qasimi, chairman of Al Marjan Island 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,” he added.

Mohamed Alabbar, chairman of Emaar Properties, said: “Al Marjan Island is a spectacular development that will add incredible value to Ras Al Khaimah, which has tremendous potential for growth.”

Al Marjan Island is Ras Al Khaimah’s first man-made project.

It has a development value of more than $1.8 billion.

Furthermore, the island currently has 1,500 operational hotel keys.

As well as more than 2,000 residential units.

 

 

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