Emaar Properties has signed an agreement to develop 2 million sq. ft. of mixed-use projects including high-end residential, hospitality and retail components on Al Marjan Island in Ras al-Khaimah.

The first man-made project in the emirate, Al Marjan Island has a development value of over US$1.8 billion, with 1,500 operational hotel keys and more than 2,000 residential units.

Emaar will pilot the first phase of its project, which will feature a five-star luxury hotel, serviced residences and a world-class retail precinct. Framed against the Yanas and Jais Mountains, the development is aimed to drive the growth of tourism, hospitality and the retails sector.

Mohamed Alabbar, Chairman of Emaar Properties, and Sheikh Khalid bin Saud Al Qasimi, Chairman of Al Marjan Island, signed the agreement.

Mohamed Alabbar said, "Through the agreement, we will create a new magnet for investments in the tourism, hospitality and retail sectors, supporting the vision of the government to boost the tourism sector and create jobs. Al Marjan Island has several unique features, including its spectacular location, which will appeal to investors from across the world. We will bring our proven competencies in hospitality, retail and mixed-use developments to this unique master-development."

Sheikh Khalid bin Saud Al Al Qasimi said, "This agreement demonstrates the evolution of Al Marjan Island as Ras al-Khaimah’s defining leisure and hospitality destination. Emaar’s projects will be a qualitative addition to Al Marjan Island’s vision to be positioned on the global map of tourism and investments. The hospitality and leisure developments will enhance the competitiveness of Al Marjan Island with a truly world-class infrastructure set in an exotic natural setting, creating short and long term value for all stakeholders."

Ahmad Al Matrooshi, Managing Director of Emaar Properties added, "The signing of the agreement is the result of discussions among the two entities over the past several months to finalise a clear vision and action plan. With this agreement, Emaar is marking its expansion to Ras al-Khaimah for the first time. The emirate has tremendous potential for tourism and retail growth, which we are leveraging through our developments. We will adhere to the highest standards of quality in the development of this project."

Architech Abdullah Al Abdooli, Managing Director, Al Marjan Island, said, "Al Marjan Island is a major property and tourism destination, and the agreement with Emaar marks the progress of this master-development. Our goal is to create world-class integrated lifestyle amenities that meet the needs of visitors in terms of accommodation, leisure, F&B and retail. Emaar is a leader in developing integrated master-planned developments, and this key project will definitely drive inward investments through its upcoming hotel, serviced residences and retail centres."