Ras Al Khaimah to boost affordable housing

Staff accommodation too could be a priority as emirate reworks real estate priorities, Marjan chief says

Ras Al Khaimah will develop ample affordable housing and staff accommodation as it targets opportunities in real estate beyond hotels and tourist attractions.

“Even building offices could be an opportunity — there’s nothing that says master-developers in Ras Al Khaimah should solely focus on highend projects,” said Abdullah Al Abdouli, managing director and CEO of the newly-created holding company Marjan. “The emirate has the land and the demographics that would make it worthwhile for investors/developers to come in.

“And to create projects that would give them their expected IRRs [internal rate of return].”

Marjan expects to announce two high-profile projects next year. It certainly has the land bank to do so, currently holding 19 million square metres in areas such as Al Jazira and Al Hamra and off Shaikh Mohammad Bin Zayed Road. The 19 million, of course, also includes the Al Marjan Island, a destination in the making for high-profile hotels and resorts. To now build affordable housing and extensive staff accommodation within the emirate needn’t be a distraction. Highway networks are constantly being added and that will work to Ras Al Khaimah’s advantage in the future. In addition, the rates that developers/landlords can offer on leases should convince many organisations to base their staff quarters there.

“Marjan’s been set up not to oversee what happens in the next one or two years — it’s to serve the longer term vision of Ras Al Khaimah,” said Al Abdouli. “We are talking about the next 30 years.”

As for Al Marjan Islands itself, there was already a holding company overseeing its development.