Ras Al Khaimah’s Marjan plans to launch a new master development by the end of the year after selling out all plots in RAK Central, a major commercial and residential district being built in the emirate's Al Hamra area.
It comes as demand for property remains strong, boosted by the Wynn Al Marjan Island mega resort.
The unnamed master plan “will be targeting residential and others as well and will be bigger than Al Marjan island”, Marjan chief executive Abdulla Al Abdouli told The National.
He did not disclose further details about the project but said it will be built in a “strategic location” in Ras Al Khaimah, with Marjan the main investor.
“We will invite well-known reputable developers to be part of that journey,” Mr Al Abdouli said.
Marjan is playing a key role in the development of the property sector in Ras Al Khaimah by launching new master plans including Al Marjan Island, on 2.7 million square metres of reclaimed land along the Arabian Sea.
It is also developing RAK Central in partnership with other developers.
The $3.9 billion Wynn Al Marjan Island, the UAE’s first gaming resort, is currently being built on the island along with other developments.
The 1,500-room resort, which is set to open in 2027, is expected to boost the tourism potential of the emirate and attract more investment in property in Ras Al Khaimah.
The RAK Central project is being built in phases in an area spanning more than eight million square feet and is scheduled for completion by 2030.
It will have more than 4,000 apartments, four hotels, along with space for offices, retail and entertainment.
More than 20 developers are involved, including BNW Developments, Pantheon and others, Mr Al Abdouli said.
RAK Central HQ, which will serve as the main business complex, is expected to be completed in the first quarter of 2027.
“We launched RAK Central around January 2024 and today, all of all of the plots in this master plan are sold out. We finished all of the related infrastructure and we are enabling developers to start building for the project,” Mr Al Abdouli said, without disclosing the total investments made by developers to buy land in RAK Central. He added that the project will host more than 5,000 professionals.
“When you look at RAK Central, it's a mixed use [project], offering commercial spaces for all those companies who would like to establish a base in Ras Al Khaimah and start doing businesses, whether existing businesses or new businesses,” he said.
“We are expecting international brands and companies to open offices in Ras Al Khaimah.”
Strong demand
The demand for property is strong in Ras Al Khaimah amid healthy economic growth.
Ras Al Khaimah's economy is projected to expand 4.2 per cent on average until 2027 amid strong performance of sectors including tourism, real estate and manufacturing, according to a report by S&P Global last year.
“We expect upcoming tourism projects and related infrastructure spending to help strengthen RAK's mining sector as well as its economic free zones, airport and real estate sector,” S&P said.
Hospitality accounts for 4 per cent of Ras Al Khaimah's gross domestic product and real estate 7 per cent, but “these proportions will likely increase with new projects ramping up”, the report said.
Like other emirates, RAK’S property sector has experienced sustained growth momentum after a strong recovery from Covid-19.
Government initiatives – including residency permits for retired people and remote workers, the expansion of the 10-year golden visa programme and overall growth in the UAE’s economy amid a diversification drive – have helped the property sector growth.
Developers including Abu Dhabi’s Aldar Properties, Dubai Investments, Dar Global and Damac Properties are lining up new projects in the emirate.
Doubling of residences
The number of residences in the emirate is projected to double by the end of 2030, with more than 11,000 units scheduled for completion, based on the supply from launches up to the end of 2024, according to a recent Savills report.
“The gap [between demand and supply] is huge and we need to ensure that we have enough real estate inventory,” Mr Al Abdouli said.
Along with Wynn's anticipated opening, overall growth in Ras Al Khaimah's economy is supporting the market, he added.
Apartment prices in Ras Al Khaimah increased by 18 per cent on an annual basis in the second quarter of 2025, with Al Marjah Island recording a 21 per cent jump during the period, according to a report from Colliers.
