Real Estate New $1bn Ras Al Khaimah project to have 140-foot arch By Pramod Kumar May 6, 2024, 4:13 AM Aark Developers Sora Beach Residences on Al Marjan Island will span a built-up area of 1.8 million square feet A new AED4 billion ($1.1 billion) residential development on Ras Al Khaimah’s man-made archipelago will house a 140-foot-high arch, its developer has said. Sora Beach Residences on Al Marjan Island is slated to have one the “grandest atriums ever seen in the region”, Dubai-based Aark Developers said in a statement. The 18-floor high project will span a built-up area of nearly 2 million square feet. It will feature a private beach club, an infinity sky bar and pool, a private ferry shuttle service and a 1,000-foot private beach. NewsletterGet the Best of AGBI delivered straight to your inbox every week Japanese architectural firm Nikken Sekkei has designed the project. No construction details were given. The news comes as the four-day annual Arabian Travel Market, the region’s biggest travel and hospitality exhibition, opens in Dubai. In October S&P Global Ratings rated RAK’s long-term outlook as “positive”, upgrading it from “stable”. RAK free zone reports 61% surge in new companies Oman-RAK tourism tie-up could spur more alliances RAK casino plan is a trump card for property investors 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 to 2.6 percent in 2012-2021. Although the hospitality sector makes up only 4 percent of GDP, this proportion will likely increase as resorts open, S&P said.
