RAK Properties is set to add Mirasol, as part of 12 development projects valued at $1.36bn (AED5bn), in Mina master development this year. The development area in Ras Al Khaimah spans 4 million square meters and is home to high-end high-rises and apartments, lagoons, and development islands.
Mina master development and the Mirasol
Lying along the coastline, the Mina – formerly Mina Al Arab – is made up of three main districts. These include 2 islands – Raha and Hayat, and lagoons. Development projects in this area such as the 12 projects by RAK Properties are set to benefit from the strong economic hubs in the region.
Alongside the economic boost will also be the experience of the sustainability frameworks. Also in prospects is the evolving development in connectivity in the region.
Mina is not alien to mega development projects – the latest investment by Abu Dhabi-based RAK Properties is valued at $1.36bn (AED5bn). Some notable projects in Mina include: the Intercontinental Ras Al Khaimah Mina Resort, the Anatara Resort and the NB Collection. Also joining this shortened list will be RAK’s luxury hotel that that will be part of the 12 projects. Partnership with a major hospitality brand is due in Q1 or Q2 of 2025. Other big names in the area include Dubai Investments and Damac Properties.
Also included in the coastline development area are beach clubs, dining spaces and cafes. As aforementioned, the Mina is sustainability-oriented as it is with most, if not all, of the development project outcropping in the infrastructure sector. Featured in the development are sustainable practices, environmental conservation and the preservation of natural resources.
Mirasol will be the first project to be launched in Misa master development by RAK Properties. It is a 339 units beachfront property with studios, duplexes, apartments. Also included in the development are lounges, swimming pools, and open air cinemas among other features. All these are currently under construction and will be launched by RAK Properties this year. The handover date for the Mirasol property is set for 2028.
The 12 projects valued at $1.36bn
According to RAK sources, the projects’ funding will be of the company’s own liquidity. A deal was also signed with the Commercial Bank of Dubai last year and this money will be pumped to the development project if needed to. The deal was valued at $544m (AED2bn).
The number of residential units and spaces to be constructed this year (2025) currently stands at up to 3,000. The returns on this investment in this financial year is set to go green. This also comes around as RAK Properties recorded an overall 14% increase in apartment sale prices in Q3 2024. Also worth noting is the demand for new units in Ras Al Khaimah which stands at around 40,000 as per Mr Muhtadi’s comments. Sameh Muhtadi is a chief exec at RAK.
Also in development in Ras Al Khaimah is the Wynn Resorts that is valued at close to $4bn (AED14bn). This mega investment, paired with the $1.36 billion development plan for 12 project by RAK Properties, joins a list of other like development projects in the UAE. These will not only address the increased demand for housing but also boost the economy of the region.
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