AED 600m Luxury Hotel and Residential Apartment Complex to be developed on Al Marjan Islands in Ras Al Khaimah

The UAE is expecting to attract 11.2 million tourists by 2010, signifying the success of considerable efforts by various governments - including Dubai, Abu Dhabi and Ras Al Khaimah - to invest into the growth and development of the hotel and hospitality industry in the country.

With aims to leverage the booming tourism sector, AAKAR Marjan Island LLC, an emerging leader in luxury community developments in the Middle East, has confirmed that its AED 600 million luxury hotel and residential apartment complex located on the largest island of the 'Al Marjan Islands' development in RAK will be completed by 2010. The announcement follows the recent handover of a 281,000 sq. ft. plot by Rakeen, the master developers of the 'Al Marjan Islands' development.

Amidst the growing popularity of Ras Al Khaimah as a premier vacation destination, plans have been laid out to increase the number of hotel rooms in the emirate to reach a total of 7,500 by 2012, and to accommodate 20 new hotels by 2012, while supporting projects such as the 'Al Marjan Islands' project.

Similarly, Dubai is also witnessing rapid expansion in its portfolio of hotels and hotel apartments, which is expected to cross 93,867 units by 2016, while Abu Dhabi has plans to catch on the rising demand for new hotel rooms, which was estimated at 17,000 to 20,000.

"The speedy development of the UAE real estate sector is something that we are seeking to leverage through the launch of our luxury hotel and residential venture on the 'Al Marjan Islands'. In addition to the outstanding business prospects, we are expecting this project to significantly support the UAE's aims to increase its total volume of hotel rooms to accommodate the swelling number of tourists," said Yadvinder Singh, CEO/President, AAKAR Marjan Island. "As an emerging real estate and tourism destination in the UAE, Ras Al Khaimah's natural beauty and first-class tourist facilities have proven its pull to global travellers, as evident in the booming hospitality industry in the emirate, and we are confident that it will be welcoming more high value master projects such as the 'Al Marjan Islands' in the future."

The 47% growth in visitors recorded in Ras Al Khaimah between 2001 and 2006 has been overtaken by a staggering 40% increase in the number of tourists to visit the emirate in 2007 alone, justifying the government's commitment to establish the emirate as a top tourist destination. In line with the government's vision, AAKAR Marjan Island's first venture will include a five-star hotel and freehold residential apartment complex with a total built up area of 800,000 sq. ft, which has been designed to offer breathtaking views of the ocean via each of the fully furnished rooms, suites and apartments. In addition to a visually stunning location, the development will also incorporate state-of-the-art luxury amenities and world-class rest and relaxation services, and is strategically situated near the Ras Al Khaimah Airport and RAK free zone. The project's construction, which was preceded by the recent handover of the plot to the developer by master developer Rakeen, is set to start in the third quarter of 2008.

AAKAR Marjan Island LLC was formed through a three-way partnership between AAKAR Developers - a leading Canadian real estate and property developer, Kayi Construction - a Turkish-based development and construction company, and Taranjit Sahni, an entrepreneur with extensive global expertise in the real estate sector.

The luxury hotel and residential project will be the second development associated with AAKAR Developers, the developers of the Dhs 200m Canada Business Centre Tower, which is currently under construction in Business Bay.

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