UAE developers are shuffling some projects to get them finished inside two years after it was revealed the area is due to attract 11.2 million tourists by 2010.
The AAKAR Marjan Islands hotel and residential scheme is among complexes which are being timed to be finished by that year.
The Ras Al Khaimah (RAK) development will be pushed forward to
“invest in the growth and development of the hotel and hospitality industry in the country”.
Yadvinder Singh, chief executive and president of AAKAR Marjan Island said:
“The speedy development of the UAE real estate sector is something that we are seeking to leverage through the launch of our luxury hotel and residential venture”.
RAK saw a 47 per cent growth in the number of visitors between 2001 and 2006, but even this figure was wiped out by a 40 per cent hike in 2007 alone.
Mr Singh also said his company was “confident” RAK would see more high-value projects built in future.
AAKAR Marjan Islands will include a five-star hotel and freehold residential apartment complex with a total built up area of 800,000 sq ft.
AAKAR Marjan Island LLC is a three-way partnership between AAKAR Developers, a Canadian real estate firm, Kayi Construction, a Turkish-based development and construction company, and entrepreneur Taranjit Sahni.
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