Sunday 22 May 2022

Marjan to showcase best of RAK projects at Cityscape

RAS AL KHAIMAH, October 2, 2018

Marjan, the master-developer of freehold property in Ras Al Khaimah, is showcasing its diverse portfolio of projects in the emirate including spectacular waterfront and urban developments at the Cityscape Global 2018 property expo which opened today in Dubai.

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, said a statement from the developer.

During the three-day event, the company will be highlighting the value that Ras Al Khaimah offers for international investors through an array of benefits, it stated.

Marjan pointed out that all the investors are assured of 100 per cent foreign ownership, repatriation of capital and profits within its destinations. Other incentives include no corporate tax, zero per cent personal tax and a low VAT of 5 per cent as of 2018.

Additionally, there will be no foreign exchange contracts reducing extra costs and any uncertainties, it added.

Managing director and CEO Abdulla Al Abdouli said: "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."

"During the expo, our focus is on highlighting our development portfolio as well as strategic master-planning approach to leverage on our natural assets and lay the foundations of the emirate’s future expansions," explained Al Abdouli.

"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," he added.

A key highlight at Marjan’s stand is its flagship development, Al Marjan Island, a man-made island that is seamlessly transitioning into a world-class luxury resort destination, said Al Abdouli.

"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," he pointed out.

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.

According to him, several upcoming master developments were in planning stage and would be announced soon.

This is 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, he added.-TradeArabia News Service

Tags: Cityscape | Marjan |

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