Ras Al Khaimah master developer Marjan and RAK Hospitality Holding have merged to form one of the UAE's biggest real estate entities, as the sector grows within the emirate positioning itself as an investment hub.
The combined unit will operate under Marjan and serve as a key driver for Ras Al Khaimah's goal to attract investment in real estate and boost the tourism sector, Marjan said in a statement on Wednesday. The value of the merger was not disclosed.
It also aims to boost Ras Al Khaimah's push for Emiratisation within the workforce, as well as helping the emirate to achieve its goal of attracting 3.5 million tourists a year by the start of the next decade under RAK Vision 2030, it added.
Marjan will integrate hospitality expertise, land development strategies and lifestyle experiences under one entity, driving progress, sustainable development and the preservation of its heritage, the statement said. That will include developing accommodation for more than 15,000 hospitality professionals, as the group looks to retain industry talent, it added.
"The merger will create high-value jobs for Emiratis, develop national capabilities, and reinforce our position as a beacon of opportunity and innovation," said Sheikh Ahmed bin Saud Al Qasimi, chairman of Marjan. "This merger builds upon solid foundations for a new chapter of advancement and success, enabling us to deliver iconic destinations that are deeply rooted in Ras Al Khaimah’s unique identity."
Ras Al Khaimah is experiencing a real estate boom, with several developments under way, projects that are aimed at growing the emirate's profile to attract investment. It is home to the sprawling Al Marjan Island, one of the biggest tourism and lifestyle destinations in the Northern Emirates.
Interest in the emirate's property market from European and Central Asian investors is growing on the back of the planned multibillion-dollar Wynn Resorts, boosting earnings of real estate developers in Ras Al Khaimah.
That is in line with the overall UAE property market, which has continued to rebound strongly from the Covid-driven slowdown, on the back of government initiatives such as the expansion of the 10-year golden visa programme and residency permits for retired and remote workers. The overall growth in the economy amid non-oil sector expansion is also supporting the property sector.
“Marjan will champion Ras Al Khaimah’s development and master planning into a smart, authentic, connected city of the future ... and will position Ras Al Khaimah as the global lifestyle and investment hub of the future,” group chief executive Abdulla Al Abdouli said.
Mountain trails and festivals
Marjan has also announced plans to expand its development into the mountains of Ras Al Khaimah, which aims to provide diverse activities for the public and visitors.
The company is to develop 100km of hiking and biking trails in the next five years, as it aims to grow the active tourism sector. Marjan also plans to hold more cultural and entertainment events, which are expected to attract more than 20,000 visitors.
"This merger firmly establishes a powerful, future-ready entity capable of propelling Ras Al Khaimah into its next chapter of growth," Marjan said. "It supports expansion into new markets, fosters the creation of distinctive lifestyle offerings and will attract world-class talent and investments."
The company is also boosting infrastructure work at Marjan Beach, a 790,000 square metre development that aims to welcome 180,000 visitors a year. Marjan Beach, which features 22,000 residential units and 12,000 luxury hotel keys, is to be home to 74,000 residents and a workforce of 32,000.
