Rak Properties has confirmed it is closing on the launch of an estimated AED 5billion mixed-use project within its AED10 billion Mina Al Arab master-development next year, according to Gulf News.
“We are nowhere near utilising the full potential of the Mina Al Arab location, which covers 30 million square feet and with prime sea-facing land options,” said CEO and managing director Mohammad Sultan Al Qadi.
“The new project will take up 800,000 square feet and will have extensive focus on hospitality and retail elements. The project designs are still being worked on, but once the launch happens, it should keep us busy through to 2021.
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He added: “Ras Al Khaimah is in immediate need for new hotels and rooms, the estimates suggest as many as 10,000-15,000 hotel rooms within the next 10 years.”
Speaking to Gulf News, Al Qadi added: “I believe that Mina Al Arab offers us space, on and offshore — to create more opportunities for Ras Al Khaimah’s hospitality sector. We don’t need to look around for additional land in the emirate. We have enough.”
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