Czech diamond company to build five-star hotel on RAK’s Al Marjan Island
Diamonds International Corporation, a Czech diamond trading company, yesterday announced plans for a Dh500 million project on Ras Al Khaimah’s man-made Al Marjan Island.
The development will include a 300-room, five-star hotel, 340 residential apartments and 40 water villas.
Construction is expected to begin next year and the project is to be ready in three years.
The four islands are expected to be fully operational by 2022, according to Abdullah Rashed Al Abdooli, the managing director of the master developer Al Marjan Island Development.
He also said that despite the slowdown in the real-estate market and fluctuating global oil prices, plot prices at the development have increased by 5 to 10 per cent this year.
Last year, the developer closed three deals with investors on three of its islands. The majority of the investors are from India, Russia, the Arabian Gulf and the local market. “There is a correction in Dubai [real estate market] but Ras Al Khaimah is still steady because it has its own demand, and we are targeting end-users and investors who are looking to achieve their target and return on investment,” said Mr Al Abdooli. “The global situation would affect us, but not to the extent that would damage the market.”
The master developer of the islands is offering plots worth billions of dirhams at Cityscape Global in Dubai from today. Mr Al Abdooli declined to give the exact figure.
Of Ras Al Khaimah’s 19 hotels, three – Rixos Bab Al Bahr, Double Tree by Hilton and Marjan Island Resort and Spa – operate on the islands.
A 265-room Santorini Hotel owned by the Bin Majid Hotel Group is also coming up on Al Marjan Island.
Follow The National’s Business section on Twitter
Updated: September 7, 2015 04:00 AM