The government of Ras Al Khaimah (RAK) has been approached by a number of potential partners to develop large-scale developments at its manmade islands off the coast of the emirate.
Infrastructure at the Al Marjan archipelago is now almost complete and Arabian Business understands the potential partners approached master developer Al Marjan Island Development at the Cityscape Global property exhibition in Dubai with their proposals.
In 2012, the site made global headlines when Spanish football club Real Madrid signed a deal alongside the RAK government and the RAK Marjan Island Football Investment Fund to build a 50-hectare themed resort on the island, which would have included a stadium and museum dedicated to the club, as well as a marina and luxury hotel.
The ambitious project was scheduled to launch in January 2015 but construction never began and, in September 2013, Real Madrid scrapped the plan due to funding issues.
Arabian Business understands the current proposals are of a similar scale to the scrapped Real Madrid plans.
Master developer Al Marjan Island Development has already announced plans by Diamonds International Corporation, a Czech diamond trading company, to develop a AED500 million ($136 million) hotel project, which will consist of 300 rooms, 340 residential apartments and 40 water villas.
Four hotel operators are in talks to manage the hotel, which will be launched in 2018.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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