Ras Al Khaimah unveils new high-rise financial centre

RAK Central will include freehold residential plots, parks and green public spaces

RAK Central will offer freehold residential plots for purchase and development by investors. Photo: Marjan
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Ras Al Khaimah property developer Marjan has unveiled plans for a major commercial and residential district in Al Hamra that will include three million square feet of rentable office space, more than 4,000 apartments and three hotels.

RAK Central, located on Sheikh Mohammed bin Salem Al Qasimi Street, will also have parks and green spaces, various retail and entertainment options and interconnected buildings.

Marjan said the development, which will have views of Al Hamra Golf Club and the Arabian Gulf, will be the largest commercial business district in the Northern Emirates.

The project will be developed in phases, with the construction of the first phase to include one million square feet of commercial office space for rent and additional spaces offered for development.

RAK Central will offer 34 freehold residential tower plots for purchase and development by investors. The residential towers can reach 45 floors, or approximately 200 metres high.

Marjan said it is "currently exploring strategic partnerships to develop RAK Central". It expects to attract investment from multinational companies in several sectors, including hospitality, leisure, retail, finance, logistics and construction.

Construction is scheduled to begin this year, with the first phase of the infrastructure and the main business complex expected to be completed in the fourth quarter of 2026.

“RAK Central will usher in a new era of economic growth for Ras Al Khaimah, with a focus on not only providing international investors with high-value property but also by serving as a hub for businesses," said Abdulla Al Abdouli, chief executive of Marjan.

“Following the success of our flagship project, Al Marjan Island, we are now working on diverse projects across several locations, to create world-class master-planned communities that will serve as the ‘downtowns’ of the future, in addition to new lifestyle destinations on the mountains.”

Focus on Marjan Island

Marjan is also the developer behind Al Marjan Island, a development of four reclaimed islands with more than 7.8km of pristine beaches and 23km of waterfront, in addition to major hotels and residential developments.

The artificial islands have been attracting a significant amount of investment from developers in recent years.

Wynn Resorts is set to open its 1,000-room property with entertainment and gaming amenities in 2026. The project, which is being developed by the Las Vegas-based hotel operator, will also include at least 10 restaurants and a large convention centre.

Aldar Properties, Abu Dhabi’s biggest listed developer, said it sold out the first phase of its residential development on Al Marjan Island. The 420 beachfront units were sold for Dh1 billion ($272 million), the developer said in December.

UAE property company The Luxe Developers launched a Dh1.5 billion waterfront residential complex on Al Marjan Island in July. The 18-storey building includes 206 units of one, two, three and four-bedroom apartments, as well as six penthouses and two exclusive sky villas.

In 2022, Dubai Investments started construction of its Dh1 billion residential development, Danah Bay, on Al Marjan Island. The project will have 337 units including 209 villas and 128 apartments.

RAK Properties plans to achieve more than Dh3 billion in property sales this year, up 50 per cent compared to last year, ts chief executive Sameh Al Muhtadi said recently in an interview with The National.

The Abu Dhabi-listed company plans to launch four new projects this year following the launch of the Quattro Del Mar waterfront development in Ras Al Khaimah earlier this month.

Tourism in Ras Al Khaimah reached an all-time high last year, with 1.22 million tourists, up 8 per cent on 2022, according to the latest data from the Ras Al Khaimah Tourism Development Authority, with 24 per cent annual growth in international visitors.

Wynn Al Marjan Island in Ras Al Khaimah - in pictures

Updated: January 30, 2024, 5:53 AM