RAS AL Khaimah combines real estate and hospitality properties under Marjan to accelerate growth
Marjan Al Khaimah’s Marjan and Rak Hospitaliotive Hording have merged to create a single company operating under the Marjan name.
This comes as the emirate aims to fast-track its transformation into a global lifestyle and investment hub in line with Rk Vision 2030, executives were told Arabian business when introduced.
The integration brings together the emirate’s real estate, hospitality and lifestyle properties under one platform, Marjan’s position as one of the UAE’s largest developers and the owner driver of RAS AL Khaimah. This included 3.5 million annual visitors, increased the number of hotel keys to almost 20,000 and brought new well-planned communities to the Emirate.
Merger strategies enhance Ras Al Khaimah’s growth strategies
Announcing the agreement, His Excellency Sheikih Ahmed Bin Saud Bin Saqr al qasimi, Chairman of Marjan, created a strong capital for Emiratis, developing the high skills of Emiratis, enhancing our power as a beacon of opportunity and Innovation. “
The merger strengthens Marjan’s ability to deliver major projects including Al Marjan Island, Rak Central, Marjan Beach and other exciting projects yet to be announced. Executives say the merger will help create more jobs and attract new waves of foreign investment.
Abdullal Al Abstooli, CEO of Marjan, was told Arabian business The combined structure will enhance the development of Cas Al Khaimah and Camp Sungwele into a smart, authentic, connected city of the future, and a place where people, businesses and communities thrive. “
He said more than 50,000 jobs are expected to be created through the new Master’s programs in the next seven years, with the Marjan Beach Project accounting for the gratinity of that growth.
According to Alison Grinnell, COO COO and CEO of hospitality at Marjan, the combined business ‘will take two of the best companies that have been living and breathing Ras Al Khaimah for the last decade. “
He added that the merger will help to further expand its hotel pipeline, build on the international attention brought by Wynn Al Marjan Island and expand the luxury, boutique and branded accommodation categories.
Donald Bremner, CEO of Marjan Lifeslelyle, told Arabian business Considotion “ensures that the social and cultural fabric is built into the plans of the Emirate Master,” Adding that the movement allows Ras Al Khaimah to create an environment that combines entertainment, heritage and natural tourism.
Tarek BSharat, the group’s chief strategy and business development officer, told the Arabian business The merger is “strategic compatibility of vision and execution.” He said Marjan’s projects could contribute to 30 percent of Ras Al Khaimah’s GDP by 2030, adding that “by bringing all our technology under one roof, effectively and in a way that ensures it lives in the heart of all development.”
Marjan said the combined entity will be central to delivering the next phase of the Emirate, bringing together finance, tourism and community building efforts under one entity.
