THE UAE's Northern Emirates namely Sharjah, Ras AI Khaimah, Ajman, Umm AI Quwain, and Fujairah-have witnessed significant transformation in recent years, driven primarily by strategic development initiatives such as investment-friendly policies, long-term visas for property buyers and investors, and public-private partnerships. This transformation has had a profound impact on the real estate and construction sectors.
Real estate development has emerged as a key pillar of their diversification strategy. This fact is most apparent in Ras AI Khaimah, which is described as 'the rising star of the UAE real estate market'. The trailblazer in this was the announcement in January 2022 of the establishment of the $3.9-billion Wynn Resort AI Marjan, which is expected to be the first integrated resort in the Middle East and North Africa (Mena) region.
Since then, the once-sleepy Ras AI Khaimah has seen numerous local, regional and international developers confirming interest in setting up residential, hospitality and mixed-use developments in the emirate, with AI Marjan island - which will host the Wynn gaming resort - being the host of many of these developments.
AI Marjan island, which covers an area of almost 62 hectares and offers spectacular views of the Arabian Gulf, is now set to host a myriad of projects ranging from branded Tonino Lamborghini and Elie Saab homes to luxury residential apartments that boast the highest beach in the world.
This story is from the November 2024 edition of Gulf Construction.
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This story is from the November 2024 edition of Gulf Construction.
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