Marjan CEO reveals plans for new master development in Ras Al Khaimah before end of 2025

Ras Al Khaimah: If you think Ras Al Khaimah is busy now, just wait. The emirate is about to get a whole lot busier – and bigger.
RAK master developer Marjan CEO Abdulla Rashed Al Abdouli, on Monday, revealed ambitious plans to launch a new ‘mega master plan’ in Ras Al Khaimah before the end of this year, as the emirate faces unprecedented demand for residential and commercial development.

Al Abdouli told Gulf News that the master developer will unveil the large-scale project “hopefully in the next three to four months” as part of RAK’s strategy to accommodate explosive growth in tourism and business sectors. More details will be revealed in due time.

The CEO’s comments come as Ras Al Khaimah confronts a supply-demand gap in its property market. According to Abdouli, at least "45,000 residential units are required over the next five to seven years" to meet current demand. More specifically, over 14,000 residential units are planned for delivery between 2026 and 2029 alone, with a focus on branded residences, according to Bayut’s 2024 RAK Property Report.

That said , demand for housing continues to outpace supply, with a significant increase in population from 400,000 to an estimated 650,000 by 2030. 

"To achieve that, we Marjan need to launch multiple master plans, not just RAK Central," Al Abdouli explained. "RAK Central and others and others and others to cope with what’s happening in Ras Al Khaimah today."

The CEO emphasized that RAK is "creating our own independent market" rather than competing with regional destinations, positioning the emirate as a unique proposition for investors and residents.

Tourism growth drives demand

Central to RAK's development strategy is its aggressive tourism expansion plan. The Tourism Development Authority has set an ambitious target to reach "more than 3.5 million visitors by 2030," according to Al Abdouli.

"We are speaking about more than 8,000 hotel keys and another additional 8,000 planned hotel keys," he revealed, highlighting the scale of hospitality infrastructure being developed.

The CEO said even a small conversion rate from tourists to residents would create massive demand: “Imagine if 5 per cent of those who visited Ras Al Khaimah for the first time want to call Ras Al Khaimah home and buy a unit – that, by itself, is a massive number of units, which is not there yet.”

RAK Central’s success

Beyond residential development, Marjan is positioning RAK Central as a major business destination, with Al Abdouli describing it as "the first grade A office space, the biggest in the northern emirate."

The sold-out development is expected to accommodate "more than 6,000 professionals working at RAK Central," creating a ripple effect across multiple sectors, including healthcare, education, retail, and hospitality.

"Those 6,000 professionals will need a lot of F&B offering over there. They will need a lot of entertainment venues in RAK Central," Al Abdouli explained, outlining the comprehensive ecosystem being created.

Integrated economy system

Al Abdouli emphasised that Marjan's approach extends far beyond traditional property development, creating integrated communities that drive economic growth across multiple sectors.

"It will create an impact on all sectors in Ras Al Khaimah, not speaking about only tourism or business, but also hospitality, supply chain, construction, healthcare, and education," he stated.

The CEO said this interconnected approach using hotel development as an example: "All of these hotel brands that are opening in RAK, they will hire a lot of employees. They need staff accommodation... The moment you build that, you need to have healthcare facilities for all of those."

Is RAK the place to be?

Despite the presence of established financial hubs like DIFC and Abu Dhabi Global Market, Al Abdouli sees RAK Central as complementary rather than competitive.

"We are not a financial hub. We are Grade A office space that's targeting local business and international businesses," he clarified. "We are inviting everyone who have a business in RAK to have an address with us in RAK Central."

The CEO highlighted RAK's business-friendly environment, citing "transparent legal framework," "business friendly environment," "ease of doing business and getting licenses," and proximity to natural amenities as key attraction factors.

Al Abdouli's message to potential investors and entrepreneurs was unambiguous: "RAK is the place to start a business in Ras Al Khaimah."

He emphasised the scale of opportunity available: "There are billions of investments in real estate and tourism, between construction and activities... What I suggest to everyone – be part of that journey."

"If you are an investor, buy a unit. If you are not in that real estate game, establish a business, open an office, lease an office, benefit from all that we are doing as a master developer," he concluded.

The CEO’s optimistic outlook remains unshaken by regional geopolitical tensions, stating simply: "People will continue to come to the UAE, and we are so proud to be part of that."