Published on : Friday, September 15, 2017
In the near future, Al Marjan Island is keen on receiving an influx of visitors that will eventually establish the destination’s charm and uniqueness among developers interested to launch new projects, experts predict.
Abdullah Al Abdooli, managing director of Al Marjan Island, informed the Khaleej Times that Ras Al Khaimah represents tons of chances for the developers along with the investors, particularly considering the success of the tourism sector of the emirates. CBRE affirmed that Ras Al Khaimah is the most rapid-growing hospitality and tourist market in the region, with an enormous industry growth of 8.7 percent from 2014 till 2017. The figures show that it has surpassed the UAE, which has grown 5.7 percent at the same time.
To quote Al Abdooli, “Al Marjan Island in particular offers a lot of return on investment for developers. It is the vision of the government of Ras Al Khaimah to reach three million visitors by 2025. To achieve that number, we need an additional 15,000 hotels keys in the emirate. Out of this number, roughly 8,000 will be in Al Marjan Island. We expect that 4,000 hotel keys will be added at the island by 2020.”
Al Marjan Island is spread across 2.7 million square meters of four man-made island clusters in chic Ras Al Khaimah that broadens 4.5kms into the Arabian Peninsula. Many luxurious developments like the DoubleTree by Hilton Resort & Spa, Marjan Island resort and Spa, and Rixos Bab Al Bahr is part of project.
“We’ve attracted investments from major international investors and global developers that have aided the increase of the residential and hospitality offering,” Al Abdooli said.
“Around 70 per cent of Al Marjan Island is sold, and 30 per cent is under commercial negotiations. It has taken us about five years to sell this amount, but 100 per cent of the infrastructure has been completed. We have 2,000 residential units already operational since 2014.”
Tags: Al Marjan Island