RAK Central – What we know so far
The northern part of the UAE is fast on its way to becoming the next Dubai. With upcoming residential and commercial projects by reputable developers, cities like Ras Al Khaimah are garnering attention from investors worldwide. Considering this feat, the guide will shed light on the newest project RAK Central and what we know so far about it.
Marjan – The Mind Behind the Project
Marjan is a renowned developer known for creating luxurious and groundbreaking projects. It has already made its mark with Al Marjan Island, a stunning man-made archipelago. The island is meticulously planned to leverage its natural beauty while bringing opulent amenities to the doorsteps. This, in turn, has transformed Ras Al Khaimah into a top tourist and investment destination, drawing international visitors and investors.
Continuing this legacy, Marjan has announced the RAK Central project and is currently seeking partnerships to develop it. This world-class master-planned community aligns with RAK’s Vision 2030 and is expected to be a major job creator, boosting various sectors like tourism and hospitality.
RAK Central – The New High-rise Financial Centre
The start of 2024 brought a major announcement from Marjan Developers in the form of RAK Central district in Ras Al Khaimah. The news brought excitement and anticipation amongst local and foreign investors. The project is expected to attract investment from multinational companies in diverse business sectors, including hospitality, leisure, retail, finance, logistics and construction.
Abdulla Al Abdouli, the Chief Executive Officer of Marjan said:
RAK Central will usher in a new era of economic growth for Ras Al Khaimah, with a focus on not only providing international investors with high-value property but also by serving as a hub for businesses. This aligns with the vision of our leadership to strengthen the business ecosystem of the Emirate and serve as the first choice for residence, business and leisure. RAK Central will further contribute to the Emirate’s reputation as one of the fastest-growing investment and tourism destinations and will expand the modern cityscape of Ras Al Khamiah from the waterfront further inland.
Salient Features of the Project
The Ras Al Khaimah Central will be located on Sheikh Mohammed bin Salem Al Qasimi Street (E18), offering views of the Arabian Gulf and the Al Hamra Golf Club.
The new high-rise financial centre in Ras Al Khaimah will consist of Grade A office and commercial spaces. The commercial properties will be designed according to the needs of the anchor tenants, with open floor plans to ensure flexibility.
The financial district will offer 34 freehold plots where developers can build residential towers of up to 45 floors or about 656 ft. The land plots will be carefully planned to provide scenic views from all sides.
What’s more, RAK Central is committed to a sustainable future, implementing cutting-edge green building practices to protect the environment. This includes achieving LEED Gold Certification, a globally recognised standard for green buildings.
On top of this, the new high-rise financial centre in RAK will embrace smart technologies, including Artificial Intelligence (AI), to optimise resource utilisation and create future-proof development.
RAK Central Construction Progress
Ras Al Khaimah Central will be unveiled in stages, with the initial phase focusing on constructing a one-million-square-foot commercial hub. The world-renowned architecture Gensler will design and plan the mixed-use complex with state-of-the-art office spaces, including the new headquarters for Marjan.
The new high-rise financial centre in RAK is set to become a bustling hub upon completion. It will boast a staggering 3 million sq. ft. of office space available for rent and over 4,000 luxurious residential apartments.
For travellers and residents alike, RAK Central will feature three hotels offering more than 1,000 keys. Multiple parks, green spaces, diverse retail options and exciting entertainment facilities will make up for recreational activities. Moreover, the development will be thoughtfully designed with interconnected buildings, providing ample parking for over 1,000 visitors.
The first phase of construction, mainly the infrastructure, is set to begin this year (2024). The main complex is expected to be completed by the fourth quarter of 2026.
Ras Al Khaimah’s Real Estate Sector Takes Off
According to Bayut’s RAK Annual Market Report for 2023, the previous year was a ‘Year of Change’ for Ras Al Khaimah while the future seems promising. The data portrays a clear picture:
- Rental prices for villas in popular areas increased by up to 9.37% during 2023, with apartment rental costs increasing to 10.5%.
- While the sales price of villas in RAK increased by 3.55% in 2023, apartment sale prices, on the other hand, surged by up to 18.5%.
The report reinstates that Ras Al Khaimah’s property market is experiencing a surge in demand, driving a predictable rise in rent and sale prices. This surge signifies a growing trend – RAK is emerging as a compelling alternative for property investment within the UAE.
Similarly, investor-friendly government policies, a robust economy, ongoing infrastructure development and the potential for future profits are all fueling this transformation. As a result, new real estate developments in RAK are attracting a growing number of local and global developers looking to capitalise on this exciting opportunity.
Furthermore, with signature developments like the Marjan Islands and the upcoming Wynn Resort project, Ras Al Khaimah is seen as a frontrunner in the Gulf’s booming property market. Major investments from ALDAR and other developers, combined with the success of RAKEZ (Ras Al Khaimah Free Zone), have further propelled the market.
RAK’s commitment to innovation continues with the launch of the RAK Digital Assets Authority, establishing a hub for businesses in the virtual asset space.
FAQs About RAK Central
Is RAK cheaper than Dubai?
Generally, Ras Al Khaimah is considered cheaper than Dubai due to multiple reasons, including cheaper accommodation. You can easily find budget-friendly apartments, resorts and even all-inclusive hotels. Similarly, the overall cost of living is considerably lower than in Dubai.
If you are working in Dubai and looking for accommodation in other emirates due to high rents, read our guide on living in Ras Al Khaimah and working in Dubai to make an informed decision.
What is RAK best known for?
From beaches to historical places, RAK is known for several things. Recently, the emirate has climbed higher on the list of top tourist places in the UAE. Whether you are looking for adventures or calm beaches, there are several things to do in Ras Al Khaimah.
In addition, social media fanatics can find top Instagrammable spots in Ras Al Khaimah to click that perfect picture!
How can I travel to RAK from Dubai?
Now that we have established what a wonderful place RAK is to visit or live, there are several ways to travel to RAK from Dubai. You can opt for the RAK shuttle or Al Hamra Bus service, book a cab or use a private car.
Where can I rent villas in Ras Al Khaimah?
Rental villas are a great option if you are planning to move to Ras Al Khaimah and looking for bigger accommodations. According to Bayut, the top areas to rent villas in RAK include Al Dhait, Khuzam, Mina Al Arab, Al Hamra Village and Al Refaa.
This brings us to the end of our profile on RAK Central. With Marjan announcing this mega project, all eyes and ears are trained on the completion of Ras Al Khaimah Central. In the meantime, investors can take a look at the top freehold areas in Ras Al Khaimah to invest in apartments and villas.
For more information on RAK Central and other developments across the city, subscribe to MyBayut!
Featured image credit: Ras Al Khaimah Government Media Website
