RAK Properties signs $3m works contract for resort
RAK Properties, Ras Al Khaimah’s largest listed property developer on the Abu Dhabi Stock Exchange, has announced the signing of a $3.13 million enabling works contract with Al Nuaimi Group for an upcoming hospitality project in the emirate.
Operated under the InterContinental Hotels Group’s luxury brand, the InterContinental Ras Al Khaimah Mina Al Arab Resort is a 350-key resort that is set to open in 2019. It will feature a variety of luxury rooms and suites, a health club and spa, along with two pools, a gym and a number of restaurants.
“Marking the next phase of Mina Al Arab, the InterContinental Ras Al Khaimah Mina Al Arab Resort and other planned hotels and resorts are pivotal elements in our Mina Al Arab masterplan,” said Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties.
“As Ras Al Khaimah’s new entertainment and lifestyle hub, Mina Al Arab will feature an array of five-star facilities and entertainment outlets providing visitors and residents with an unparalleled experience of the best Ras Al Khaimah has to offer.”
Once open, the InterContinental Mina Al Arab Resort, and the neighbouring Anatara Mina Al Arab Ras Al Khaimah Resort, which is scheduled for completion in late 2018, will be integral parts of Ras Al Khaimah’s plan to attract 2.9 million visitors by 2025.
With an expected investment of $1.36 billion over the next five years, Mina Al Arab is a key part of the emirate’s development. Situated 45 minutes from Dubai International Airport, its prime location and planned leisure projects will ensure the success of the announced resorts, as well as for future investment opportunities, RAK Properties said.