UAE-based Mohammad Oman Bin Haider Holding Group has announced plans to develop an upscale mega project on Al Marjan Island (AMI) in Ras Al Khaimah, UAE, at an investment of Dh1 billion ($272 million).

The development spread over 1.4 million sq ft area will feature a five-star luxury hotel, luxurious residential apartments, commercial buildings cluster and retail area, said a top offical while announcing the project on the opening day of Cityscape Global 2016, a major international real estate development and investment event in Dubai, on Tuesday.

Hakam Khalil, the CEO of Mohammad Oman Bin Haider Holding Group, said: "Our decision to develop this iconic project directly reflects our confidence in the potential of AMI as a premier investment and tourism destination in the UAE and the Middle East, based on its picturesque location in a stunning natural setting and world-class infrastructure, two key factors critical to the success of any project."

The new project on AMI, he stated, will be a key contributor to the leadership position of Bin Haider Group in the UAE realty market, reflecting its confidence in executing such a huge project which is one of the big-ticket launches at Cityscape Global.

"We are positive this project will represent great value addition to the property and retail scene in Ras Al Khaimah," he noted.

Bin Haider Group, said Khalil, will work on executing this huge project over the coming months as part of a strategic plan to treble its number of hotel rooms and residential units by 2020.

Abdullah Al Abdooli, the managing director of Al Marjan Island, said: "We are delighted to seal this deal with Bin Haider Group to launch one of the biggest projects on AMI this year."

This will be translated into mega projects that will further accelerate the growth of AMI and enhance its contribution to boosting the tourism sector in Ras Al Khaimah, stated Al Abdooli, highlighting the importance of building the confidence of leading local and international hospitality groups, such as Bin Haider during Cityscape Global.

He pointed out that the project signifies another shot in the arm to the property and hospitality sectors in Ras Al Khaimah and the UAE, through the addition of more hotel rooms, residential apartments, retail shops, further diversifying the offerings at AMI.

It also reflects the diverse investment opportunities offered by AMI and Ras Al Khaimah, which has emerged as a high-potential market for property and hospitality in the UAE and across the Middle East, stated Al Abdooli.

“The launch of this mega project on the first day of Cityscape Global will help consolidate the positioning of AMI on the international real estate and tourism map among major real estate and hospitality companies globally," added Al Abdooli.-TradeArabia News Service