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.