UAE-based Indian investor Ivan Richard Menezes has announced the launch of a new $200 million, 300-room hotel and entertainment park on Al Marjan Island, the latest step in Marjan’s goal of having 8,000 available hotel rooms on the island by 2025.
The entertainment park will be history-themed and will include fitness elements, Menezes, the director of United Ventures and Investments Limited, announced on Wednesday.
In a statement, Marjan managing director and CEO Abdulla Al Abdooli said that “the announcement underlines Marjan’s focus on welcoming inward investment to develop freehold property with a focus on mixed-use projects that add considerable value to the economy.”
Currently, Al Marjan has more than 1,600 operational hotel keys in the Rixos, Hilton and Accor hotel brands.
Speaking to Arabian Business at Cityscape in Dubai, Al Abdooli said that, eventually, more than half of the 15,000 additional hotel keys necessary in Ras Al Khaimah by the time it achieves it’ goal of attracting three million visitors by 2025 will be on Al Marjan.
Al Abdooli said that another 4,000 hotel keys are currently in the pipeline.
“This by itself shows you we are really reaching our target in Al Marjan, which is 8,000 hotel keys. It’s coming. It’s a matter of time. We target completion by 2025,” he said. “It’s not that fast when compared to the number of hotels that are expected....in terms of a supply, it’s a natural growth. It’s not a [large] volume of hotels opening at one time.”
He added that he believes the growth of Al Marjan is reflective of the pace of growth of Ras Al Khaimah, which he said “is steady, balanced and matching the supply and demand.”
Earlier this week, Marjan announced the launch of its operations as the master-developer of freehold property in Ras Al Khaimah as an independent entity responsible for leading the development of freehold projects in the emirate.For all the latest travel 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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