Novel to develop hotel on RAK's Al Marjan Island

A Chinese investment firm has signed an agreement with Al Marjan Island (AMI) Company to acquire a plot of land on Ras Al Khaimah's man-made island according to a report in Arabian Business.

Novel International Group has bought the 720.000 sq ft plot, with plans to develop hotel, hotel apartments and shops.

Novel director Alan Feng said: "The UAE has always been for us the hub to develop our activities in the Middle East market. Ras Al Khaimah represents a lot of potential for us as investors, and the nature and infrastructure assets especially in Al Marjan Island and around are a winning card to bring the attention of China to the region."

The group is also present in South Korea, Australia, Indonesia and India.