RAK’s Al Marjan Island lures another resort developer
Crowngate International, a UK-based property development company, has acquired a plot on Al Marjan Island in Ras Al Khaimah to develop a new upscale resort.
Valued at Dh220 million, the new property is scheduled to open in late 2019, the firm said.
“It is indeed a pleasure to welcome Crowngate International to the Al Marjan Island. Associating with them will not only add value to our island, but also position us as premium facilitators for world-class living and investments,” said architect Abdullah Al Abdooli, the managing director of Al Marjan Island (AMI) Company.
Joe McCormack, a founding partner at Crowngate International, said the resort would bring the firm global recognition. “It will also help us showcase our unrivalled expertise in developing luxury properties,” he added.
“In a very short period, Al Marjan Island has become a leading luxury lifestyle and tourist destination for visitors not just from the GCC, but internationally.”
Crowngate’s portfolio includes a commercial office development in Dubai, as well as luxury apartments and penthouses in the United Kingdom, predominantly in and around London.
The company’s acquisition is the second such this week. On Sunday, Novel, a diversified investment company from China, said it hasd signed an agreement with AMI) to take 720,000 square feet of land on the man-made island.
The project involves a mixed-use development hotel, a hotel apartment and retail and it targets global tourists and visitors, according to AMI. No financial details were given.
Headquartered in Shanghai, Novel International Group has a newly set up overseas Engineering Construction Fund, estimated at more than $200m, to focus on overseas construction projects, especially in the Middle East, the firm said.
RAK is aiming to attract one million visitors by the end of 2018 and encourages growth and diversification across the accommodation portfolio and tourism offerings for both business and leisure travellers.
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Updated: April 24, 2017 04:00 AM