Mina master development projects are advancing in Ras Al Khaimah as RAK Properties expands its waterfront construction pipeline beyond its original AED 5 billion ($1.36 billion) target. The developer launched more than AED 5.4 billion in projects during 2025, including Mirasol’s two residential phases, according to its February 2026 results.
The programme covers residential buildings, hospitality developments and waterfront amenities across Raha Island, Hayat Island and the Lagoons district. Together, these projects support Mina’s transformation into a mixed-use coastal destination spanning approximately four million square metres.
Mina Master Development Projects Advance with Mirasol
Mirasol was the first residential project announced under RAK Properties’ 2025 development pipeline. Its first phase comprises 339 units across two towers, with studios, apartments and duplexes designed for resort-style living. The developer lists the project as in progress and targets completion in the first quarter of 2028.
The buildings feature a central podium with an oasis-style swimming pool, open-air cinema, yoga studio, children’s play area and splash pool. RAK Properties also partnered with Spanish chef Vicente Torres on a restaurant offering within the development.
Following strong demand for the first phase, the developer launched Mirasol Phase II in September 2025. The second phase comprises 280 units across distinct residential buildings, including studios, one- and two-bedroom apartments, three-bedroom duplexes and penthouses.
Together, both phases comprise 619 planned residential units. However, RAK Properties has not published a confirmed handover date for Phase II in the cited announcements.
Mina Master Development Projects Expand Across Waterfront Districts
RAK Properties’ February 2026 results confirmed that its 2025 launches exceeded the original target, reaching more than AED 5.4 billion. The programme included Mirasol I and II, Skai, Solera, ENTA, Anantara-branded residences and Nura. The company also announced a partnership for a Four Seasons resort within its wider development pipeline.
The wider Mina masterplan includes Raha Island, Hayat Island and the Lagoons. Planned amenities include a yacht club, Mina Wharf, Mina Boulevard, beach clubs, retail outlets and dining destinations. These facilities aim to connect residential neighbourhoods with tourism, leisure and commercial activity.
The developer’s first-half 2026 update also reported that main contracts had been awarded and mobilisation was underway for Mirasol, ENTA Mina and the villa component of Anantara Residences. This indicates movement beyond project launches into construction delivery.
Construction Delivery Strengthens Ras Al Khaimah’s Development Pipeline
RAK Properties recorded AED 3.36 billion in sales value and AED 1.84 billion in revenue for 2025. Its February 2026 results also reported a development backlog of AED 3.47 billion, providing visibility into future revenue from its project pipeline.
The company’s expansion reflects growing investment in premium residential and hospitality developments across Ras Al Khaimah. Integrated waterfront communities combine homes, leisure facilities and tourism infrastructure to attract residents, visitors and property investors.
Dubai is pursuing a similar premium residential construction market. For comparison, China Energy’s DAMAC Capri Towers contract in Dubai adds another major residential development to the UAE’s construction pipeline. The projects involve different developers and locations, but both reflect continued investment in high-end residential communities.
As Mina’s construction programme advances, delivery schedules and progress across individual projects will determine when residents can occupy the new developments. Mirasol Phase I targets completion in early 2028, while the developer has not confirmed a handover date for Phase II.
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.
Project Fact Sheet
Project: Mina master development.
Location: Ras Al Khaimah, United Arab Emirates.
Developer: RAK Properties.
Original 2025 development pipeline: AED 5 billion (approximately US$1.36 billion).
Actual 2025 project launches: More than AED 5.4 billion.
Masterplan area: Approximately four million square metres.
Districts: Raha Island, Hayat Island and the Lagoons.
Main residential project: Mirasol.
Mirasol Phase I: 339 units across two towers.
Mirasol Phase II: 280 residential units.
Combined Mirasol capacity: 619 units across both phases.
Residential types: Studios, apartments, duplexes and penthouses.
Amenities: Swimming pools, open-air cinema, yoga studio, children’s facilities, dining and waterfront leisure spaces.
Phase I completion target: First quarter of 2028.
Phase II completion date: Not confirmed in the cited announcements.
Overall development status: Multiple residential and hospitality projects at different stages of construction and mobilisation.
Project Team
Master developer: RAK Properties.
Developer: RAK Properties.
Mirasol Phase I developer: RAK Properties.
Mirasol Phase II developer: RAK Properties.
Restaurant collaboration: Spanish chef Vicente Torres.
Hospitality partner: Four Seasons, under the announced resort partnership.
Main construction contractor for Mirasol: Not identified in the cited announcements.
Architect: Not identified in the cited announcements.
Structural engineering consultant: Not identified in the cited announcements.
Mechanical, electrical and plumbing contractor: Not identified in the cited announcements.
Project management consultant: Not identified in the cited announcements.
Construction supervision consultant: Not identified in the cited announcements.
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