RAK's Al Hamra earmarks Dhs1bn investment for five-year growth plan
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RAK’s Al Hamra earmarks Dhs1bn investment for five-year growth plan

RAK’s Al Hamra earmarks Dhs1bn investment for five-year growth plan

Al Hamra’s growth plan includes enhancing its hospitality and retail offerings, and developing vertical and horizontal real estate assets

Gulf Business

Al Hamra, the Ras Al Khaimah (RAK)-based real estate development and investment company, has announced an ambitious five-year roadmap – from 2023-2027 – to drive sustained growth through strategic developments.

The company has earmarked an estimated Dhs1bn for a development campaign, which will include additions to its existing real estate and hospitality portfolio and optimisation of existing assets. It also has strategies in place for a systematic technology upgrade and enhanced customer experience in retail to reinforce its brand equity.

The campaign will be driven by a three-pronged approach this year: introducing innovations to its hospitality offerings, optimising retail, developing both vertical and horizontal real estate assets as well as investing in value-added services.

Benoy Kurien, group CEO, Al Hamra, said: “Our five-year strategy is a carefully considered approach to highlight RAK’s eminent status as a competitive investment and tourism destination, providing viable options for success in the post-pandemic world.”

Al Hamra recently divested its 27,000 sq m Al Hamra Mall to Aldar Properties for Dhs410m. The move is in line with Al Hamra’s outlook to reassign the capital inflow into additional and diverse ventures and create more inward investment opportunities for the emirate across lifestyle, retail, hospitality and leisure experiences for residents and tourists.

Read: Aldar Properties enters Ras Al Khaimah with Dhs410m acquisition of Al Hamra Mall

According to Al Hamra, its immediate focus is to further enhance Manar Mall. In addition, relaunch plans are being put into place for hospitality, retail and leisure businesses such as Al Hamra Residence, Al Hamra Village and Residence, Waterfront, Al Hamra Marina & Yacht Club and select food and beverage outlets. The group will also continue its focus on residential, hospitality and commercial projects in the emirate.

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