Construction RAK commercial district aims for ‘new era’ of growth By Andy Sambidge January 29, 2024, 1:29 PM Marjan Artist's impression of RAK Central. The commercial district is planned to feature grade A offices and 4,000 apartments Works start later this year Offices, hotels and apartments Due date of Q4 2026 Ras Al Khaimah on Monday unveiled plans to build a new commercial district to spearhead a “new era” of economic growth in the emirate. Developer Marjan said RAK Central will feature grade A offices, more than 4,000 apartments, three hotels, retail and entertainment facilities, parks and more than 1,000 parking spaces. Construction work is scheduled to begin later this year, with the first phase of the infrastructure and the main business complex expected to be completed in the fourth quarter of 2026. RAK free zone chief predicts influx of tech and hotel suppliers Oman-RAK tourism tie-up could spur more alliances Lights, camera, action: RAK seeks leading role in film tourism RAK Central will be a key component to RAK Vision 2030 and will feature the largest commercial business district in the Northern Emirates. Positive outlook Experts forecast improved economic prospects for RAK over the next few years. S&P Global Ratings in October upgraded RAK’s long-term outlook to “positive” from “stable”. It said real GDP growth in RAK, the fourth-largest emirate in the UAE with a population of nearly 350,000 people, is likely to average close to 4 percent over the next four years, compared with 2.6 percent in 2012-2021. RAK Central will aim to attract leading businesses to set up their headquarters. MarjanMarjan CEO Abdulla Al Abdouli believes RAK Central will improve the emirate’s economic growth Marjan CEO Abdulla Al Abdouli said the company is exploring partnerships to develop RAK Central and the project is expected to attract investment from multinational companies across hospitality, leisure, retail, finance, logistics and construction. RAK Central will be developed in phases, with the first phase to include one million square feet of commercial office space for rent. Additional spaces offered for development will include 34 exclusive residential plots, where developers can build residential towers of up to 45 floors. Al Abdouli said: “RAK Central will usher in a new era of economic growth for Ras Al Khaimah, with a focus on not only providing international investors with high-value property but also by serving as a hub for businesses.” He added that Marjan’s own headquarters will move to RAK Central.
