Novel, a diversified investment company from China, has signed an agreement with Al Marjan Island (AMI) Company to acquire 720,000 square feet of land on the man-made island in Ras Al Khaimah.
Headquartered in Shanghai, Novel International Group has a newly set up overseas Engineering Construction Fund, estimated at more than US$200 million, to focus on overseas construction projects, especially in the Middle East, the firm said.
The group also has a presence in Seoul, South Korea, Melbourne, Australia, Jakarta, Indonesia andGurgaon, India.
“The UAE has always been for us the hub to develop our activities in the Middle East market,” said Alan Feng, the director of Novel. “Ras Al Khaimah represents a lot of potential for us as investors, and the nature and infrastructure assets especially in Al Marjan Island and around are a winning card to bring the attention of China to the region.”
The project involves a mixed-use development hotel, a hotel apartment and retail and it targets global tourists and visitors, according to AMI. No financial details were given.
“Novel Group is so far one of our biggest investors and we are delighted that they have chosen Al Marjan Island for their new development in the UAE,” said architect Abdullah Rashed Al Abdooli, the managing director of AMI Company.
“Al Marjan Island is very selective when it comes to conclude partnerships. Our project in Ras Al Khaimah has a long-term impact and we would like that our investors and developers adopt the same vision like us,” added Mr Al Abdooli.
Mr Feng said he expected the development to strengthen the international position of Ras Al Khaimah as a tourist destination, especially among Chinese travellers.
RAK is aiming to attract one million visitors by the end of 2018 and encourages growth and diversification across the accommodation portfolio and tourism offerings for both business and leisure travellers.
The Novel Groups consortium comprises more than 20 companies worldwide, including Novel International Engineering, Novel Investment, Novel Resource, Novel Property, Novel Asset Management, NovelTrading and Novel Agro Technology.
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