Marjan has announced today the launch of its operations as the master-developer of freehold property in Ras Al Khaimah. The company will operate as an independent entity responsible for leading the development of freehold projects in the Emirate.
Announcing the formation of Marjan, Abdulla Al Abdooli, who will serve as its Managing Director and Chief Executive Officer, said: “Marjan’s vision for Ras Al Khaimah is to support the diversification of the emirate with a focus on real estate and enhance its attractiveness to tourists and investors from across the globe thanks to its world-class destinations. Ras Al Khaimah has incredible growth potential and Marjan is positioned as the master-developer of urban projects within a precise and integrated framework that will help attract foreign investments and support economic growth by enhancing the performance of the hospitality, tourism, retail and real estate sectors.”
Marjan will acquire Al Marjan Island and all its real estate activities and assets. Marjan will also focus on strategic partnerships with leading local and international real estate companies, as well as feasibility studies for new freehold projects, which will play a key role in driving growth in the Emirate.
In addition, Marjan intends to lay the foundation for the future freehold development of Ras Al Khaimah. The company will follow a phased plan and prioritise the work of each freehold complex being developed.