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Report: Emaar Properties to develop mixed-use project on Al Marjan Island, U.A.E

Emaar Properties PJSC is planning to develop its first major hotel project in Ras Al Khaimah, United Arab Emirates, as part of the emirate's tourism plans, TradeArabia reported.

Emaar Properties Chairman Mohamed Alabbar signed an agreement with the chairman of master developer Al Marjan Island, Sheikh Khalid bin Saud Al Qasimi, to build a 2 million-square-foot project on the man-made island, a cluster of four coral-shaped islands formed as a tourism and leisure hub, the report noted.

The project will include a luxury hotel, serviced apartments and a retail precinct, aimed at driving inward investments to Ras Al Khaimah to boost its economy and establish Al Marjan Island as a popular tourist destination in the U.A.E.

The island, which extends over 4.5 square kilometers into the sea, has a development value of over US$1.8 billion with 1,500 operational hotel rooms and over 2,000 residential units.