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New developer launched to manage freehold property in Ras Al Khaimah

New developer launched to manage freehold property in Ras Al Khaimah

The company, Marjan, will also acquire Al Marjan Island and all its real estate activities and assets

A new master-developer has been launched in Ras Al Khaimah to manage freehold property in the emirate, it was announced on Sunday.

The company, Marjan, will operate as an independent entity responsible for leading the development of freehold projects in the emirate, a statement said.

Marjan will acquire Al Marjan Island and all its real estate activities and assets. Ras Al Khaimah’s first man-made project, the cluster of four coral-shaped islands will feature 23km of waterfront, 6,500 residential units, 8,000 hotel rooms, 400-room wellness retreats and 600 holiday villas.

Dubai developer Emaar is also developing 2 million sq ft of mixed-use projects on the island including high-end residential, hospitality and retail components.

Marjan will also focus on developing partnerships with local and international real estate companies, as well as feasibility studies for new freehold projects, the statement said.

The company will follow a phased plan and prioritise the work of each freehold complex being developed.

Abdulla Al Abdooli, Marjan’s managing director and CEO said: “Marjan’s vision for Ras Al Khaimah is to support the diversification of the emirate with a focus on real estate and enhance its attractiveness to tourists and investors from across the globe.

“Ras Al Khaimah has incredible growth potential and Marjan is positioned as the master-developer of urban projects within a precise and integrated framework that will help attract foreign investments and support economic growth by enhancing the performance of the hospitality, tourism, retail and real estate sectors.”

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