- Marjan will shape the future freehold development landscape of the Emirate with spectacular waterfront and urban developments as well as to boost, hospitality, residential, and retail sectors through integrated communities
- Spotlight on Al Marjan Island, the flagship development by Marjan that already contributes to the emirate’s tourism and business sectors
Marjan, the master-developer of freehold property in Ras Al Khaimah, is showcasing its development portfolio at Cityscape Global 2018, the premier property exhibition being held from October 2 to 4 at the Dubai International Convention Centre.
Through its first participation as the master-developer responsible for path-breaking developments in the emirate, Marjan is underlining its role in delivering the long-term vision of the leadership to establish Ras Al Khaimah as one of the region’s preferred lifestyle and investment hubs.
Abdulla Al Abdouli, Managing Director and Chief Executive Officer of Marjan, said: “Ras Al Khaimah is driving an ambitious development strategy that draws on its natural setting, rich heritage, effortless connectivity and the growth environment. As the master-developer of freehold developments in the emirate, we are mandated with developing waterfront and urban destinations that will add to the competitiveness of the emirate and be the chosen destination for investors from around the world.”
He added: “At Cityscape Global 2018, our focus is on highlighting our development portfolio as well as our strategic master-planning approach to leverage on our natural assets and lay the foundations of the emirate’s future expansions. Our strategy is to identify priorities for action within each freehold community, and define public, private and semi-private spaces along with public amenities, as well as determine mixed use components and their physical connection with the environment. This is part of our ‘considered approach’ to development.”
A destination for global investors
Marjan is highlighting the value that Ras Al Khaimah offers for international investors through an array of benefits. Investors are assured of 100% foreign ownership, 100% repatriation of capital & profits within Marjan’s destinations. Other incentives include no corporate tax, 0% personal tax and a low VAT of 5% as of 2018. Additionally, there will be no foreign exchange contracts reducing extra costs and any uncertainties.
Al Abdouli added: “Ras Al Khaimah has evolved into one of the most promising hospitality destinations witnessing a 18% increase in tourist arrival in 2017, the highest in the region in addition to serving as an increasingly sought-after hub for investors from around the world. The success of the government’s vision for economic diversification and focus on strengthening tourism and hospitality sectors is reflected in the GDP growth of the Emirate. Ras Al Khaimah has consistently been able to outperform the UAE’s GDP. At Marjan, our goal is to help build a diversified economy that delivers opportunities for all and improves the quality of life for those living in Ras Al Khaimah while providing a welcoming environment for investors.”
A compelling showcase of projects
A highlight of Marjan’s participation at Cityscape Global is its flagship development, Al Marjan Island, a man-made island that is seamlessly transitioning into a world-class luxury resort destination. While most plots of land on the Island are sold, the project continues to attract interest from leading regional and international hotel investors and operators.
Al Marjan Island currently has over 1,600 operational five-star hotel keys, including Rixos Hotels, Hilton Hotels & Resorts and Accor Hotels brands, and more than 2,000 residential units including Bab Al Bahar residential and Pacific by Select Group. The project has 1,500 hotel keys under development, including new brands such as Address Al Marjan Island by Emaar Hospitality Group, Movenpick, AVANI Hotels & Resorts by Minor Hotels, Park Inn by Radisson and Hampton by Hilton, with more to be announced. In addition, 900 residential units under Uniestate are expected to be completed in 18 months.
Several upcoming master developments are in planning and will be announced soon in addition to new projects that are already under design review including an additional 2,500 hotel keys, 800 residential units and 200 rehabilitation hospital beds to be operational within the next 36 months.
Marjan’s pavilion at Cityscape Global is in Sheikh Zayed Hall 3, stand S3D10.
