Marjan’s development of freehold properties in Ras Al Khaimah will attract “significant” levels of foreign direct investment to the emirate, according to Marjan CEO Abdulla Al Abdooli.
Earlier this week, Marjan announced the launch of its operations as the master-developer of RAK’s freehold property, as an independent entity tasked with leading freehold projects in the emirate.
Speaking to Arabian Business on the sidelines of Cityscape in Dubai, Al Abdooli said Marjan hopes to attract and expand what he terms the “successful model” of Al Marjan Island, which has attracted residential and hospitality brands including Rixos, Hilton and Accor.
“Ras Al Khaimah is moving towards a new business model,” he said. “We will attract foreign direct investment, but now not only just for tourism, but also for mixed-use developments, for affordable housing, for staff accommodations and for any type of urban development across Ras Al Khaimah.”
Additionally, Al Abdooli said he hopes to attract investment in what he terms as “fields that are untapped with regards to FDI” in RAK, particularly offices and retail.
Regarding RAK’s hospitality market, Al Abdooli said that more than 50 percent of the 15,000 additional hotel keys the government believes are necessary by 2025 will be located on Al Marjan, of which over 1,600 are and 4,000 in the pipeline in various stages.
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