Ras Al Khaimah (RAK) has seen unprecedented growth in several key industry drivers in recent years, which has resulted in a pipeline of residential, leisure, retail and hospitality projects to be delivered over the next few years.
A range of public and private initiatives has seen the emirate develop a reputation as a regional hub for world-class, large-scale developments.
This isn’t surprising given the new vision of the emirate announced by the ruler His Highness Shaikh Saud Bin Saqr Al Qasimi, where long-term, sustainable plans and strategies have been put in place to stimulate tourism growth and develop the real estate sector.
This vision is shared by Al Hamra, one of the UAE’s foremost brands.
A leading master planner and premium luxury developer in the northern emirates, Al Hamra has been integral in transforming the real estate, hospitality and retail landscape since launching in 2003.
“Ras Al Khaimah is emerging as a preferred investment and tourism destination leveraging its geographic location and business growth potential,” said Benoy Kurien, Group CEO of Al Hamra.
“When combined with ambitious tourism growth targets of one million visitors by the end of the year and 2.9 million by 2025, it is easy to see why the emirate is looking forward to a fruitful future.”
Al Hamra Village is the group’s 77-million-sq-ft development consisting of 1.5km of beach line, 4,000 homes, five hotels, including the luxurious Waldorf Astoria and recently opened Ritz-Carlton, an 18-hole championship golf course and 200-berth marina.
It has seen the residential vertical of the business remain steady due to the value-for-money and attractive lifestyle proposition.
Even against a backdrop of low-priced, smaller properties launched in Dubai’s affordable housing segment, Al Hamra remains popular for end users and investors.
Larger property size, beachfront location, world-class amenities and a tried-and-tested sales strategy have resulted in near 100 per cent occupancy. Due to strong demand and market dynamics, the company is preparing to launch smaller town houses as second homes.
“Developers in RAK have always shown a certain amount of cautious restraint from a supply and demand perspective. At Al Hamra we are meticulous in our market research and ensure when we launch a new product the demand is there,” added Kurien.
From a retail perspective, Al Hamra is undergoing several enhancements to its malls, including a $100m (Dh367 million) expansion and upgrade to Manar Mall, which will see the gross leasable area double from 300,00 sq ft to nearly 600,000 sq ft, adding a further 80 retail and food and beverage destinations.
As part of the development, Al Hamra has signed a management agreement with Emaar Hospitality Group to operate a 250-room Rove Hotel, which will have access to the mall, further underscoring the cohesive effort to boost visitor numbers to the emirate.
Within Al Hamra Village, the Al Hamra Marina & Yacht Club remains a major attraction for boating enthusiasts, while the Al Hamra Golf Club has hosted prestigious events, such as the final part of the European Challenge Tour.
“We have developed a product that really does have something for everyone. Brands such as the Ritz-Carlton and Waldorf Astoria are synonymous with luxury. The golf course and marina, and the amenities they offer, are world class, plus our residential design and build quality are second to none — it’s easy to see why we are fast becoming a must-visit, must-return destination,” explained Kurien.