Construction

RAK sets out $272m plan for ‘our version of Central Park’

April 24, 2025, 7:43 AM

Construction work on reclaimed land in Ras Al Khaimah. The emirate aims to attract 3.5m visitors a year

Mixed-use masterplan to be unveiled
Will link Al Marjan and Al Hamra
‘Based on outdoor liveability,’ says CEO

Ras Al Khaimah is preparing an AED1 billion ($272 million) mixed-use masterplan to link two of its most prominent waterfront developments – Al Hamra and Al Marjan Island.

The project is being led by Marjan, the master developer of freehold properties in the northern emirate, and will have its official launch later this year.

“What we are creating is our own version of Central Park in New York, or London’s Hyde Park – places where people gather and enjoy,” Abdulla Al Abdouli, CEO of Marjan, told AGBI.

“It has its own waterfront, its own residential communities. It’s based on outdoor liveability and comfort.”

The announcement is part of a broader transformation of the emirate’s real estate and tourism sectors. The Gulf’s first casino resort, Wynn Al Marjan Island, is set to open in RAK in March 2027.

Al Marjan is a manmade development extending 4.5 kilometres into the Arabian Gulf while Al Hamra spans 77 million square feet and contains residential, retail and leisure properties.

The mixed-use development will be low to medium density, according to Al Abdouli.

RAK, the UAE’s fourth-largest emirate, is scaling up infrastructure to match its target of attracting 3.5 million visitors a year.

Abdulla Al Abdouli, CEO of Marjan, says Ras Al Khaimah needs 45,000 more housing units

The number of hotel keys is set to rise from 8,000 to more than 15,000 by 2027. However, this is still nearly 6,000 rooms short of what is required, according to Christopher Hewett, senior vice president at Al Hamra.

The residential gap is even more pronounced. Al Abdouli said the emirate needs an additional 45,000 housing units to meet anticipated demand.

Unlike Abu Dhabi, RAK has no hydrocarbon resources to speak of. Its population is nonetheless projected to grow by 55 percent – from 400,000 to over 600,000 by the end of the decade – while GDP is expected to increase by 80 percent by 2030, according to Stirling Hospitality Advisors.

The emirate also plans to construct four hospitals and up to five schools to serve its growing population.

“Schools and hospitals – vital infrastructure – will play a key part in this new masterplan,” said Al Abdouli.

Real estate in RAK

The emirate’s real estate market has grown substantially in recent years. Total transactions topped AED15 billion in 2024, a 118 percent year-on-year increase, according to data from the Ras Al Khaimah Municipality.

Sale prices for apartments and villas rose by about a third last year, according to agency Bayut.

In the popular Al Hamra Village area, the price per square foot was AED753 in 2024. On Al Marjan Island it rose to an average of AED1,067 last year.

This compares to an average of AED1,448 per square foot in Dubai last year – and roughly AED2,900 in London and AED5,500 in New York.