Marjan CEO reveals ‘mega master plan’ for RAK

EYES 45,000 RESIDENTIAL UNITS OVER NEXT 5-7 YEARS; 3.5 MILLION VISITORS

- BY DHANUSHA GOKULAN Chief Reporter

If you think Ras Al Khaimah is busy now, just wait. The emirate is about to get a whole lot busier — and bigger. RAK master developer Marjan CEO Abdulla Rashed Al Abdouli, yesterday, revealed ambitious plans to launch a new ‘mega master plan’ in Ras Al Khaimah before the end of this year, as the emirate faces unprecedented demand for residential and commercial development.

Al Abdouli told Gulf News that the master developer will unveil the large-scale project “hopefully in the next three to four months” as part of RAK’s strategy to accommodate explosive growth in tourism and business sectors. More details will be revealed in due time.

The CEO’s comments come as Ras Al Khaimah confronts a supply-demand gap in its property market. According to Abdouli, at least “45,000 residential units are required over the next five to seven years” to meet current demand. More specifically, over 14,000 residential units are planned for delivery between 2026 and 2029 alone, with a focus on branded residences, according to Bayut’s 2024 RAK Property Report.

That said, demand for housing continues to outpace supply, with a significant increase in population from 400,000 to an estimated 650,000 by 2030.

“To achieve that, we Marjan need to launch multiple master plans, not just RAK Central,” Al Abdouli explained. “RAK Central and others and others and others to cope with what’s happening in Ras Al Khaimah today.”