New $1bn Ras Al Khaimah project to have 140-foot arch

Aark Developers

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.

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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.