Novel International Group, a China-based investment company, has signed an agreement with Al Marjan Island (AMI) Company to acquire 720,000 sq ft of land for a luxury project on the man-made island in Ras Al Khaimah, UAE.

Alan Feng, director, Novel said: “Our group aims at enlarging its presence overseas via high standing partnerships, joint venture and other projects. The UAE has always been for us the hub to develop our activities in the Middle East market. We operate in several financial and non-financial areas, among them the real estate, hospitality, IT, and renewable energy. Ras Al Khaimah represents a lot of potential for us as investors, and the nature and infrastructure assets especially in Al Marjan Island and around are a winning card to bring the attention of China to the region.”

Abdullah Rashed Al Abdooli, managing director of AMI Company, said: “It is with great pride that we announce this partnership today. Novel Group is so far one of our biggest investors and we are delighted that they have chosen Al Marjan Island in Ras Al Khaimah for their new development in the UAE. The project involves a mixed-use development hotel, a hotel apartment and retails; and it targets global tourists and visitors.

“Al Marjan Island is very selective when it comes to conclude partnerships. Our project in Ras Al Khaimah has a long-term impact and we would like that our investors and developers adopt the same vision like us. We look forward to see Novel’s project taking shape and discover their hospitality offer in Al Marjan Island,” added Al Abdooli.

“We are happy to be part of this exquisite development scenery in Al Marjan Island and we expect that our presence here will strengthen the international position of Ras Al Khaimah as a touristic destination,” concluded Feng.

Headquartered in Shanghai, China Novel International Group has a dedicated overseas Engineering Construction Fund, estimated at over $200 million, in order to focus on overseas engineering construction projects especially in the Middle East. – TradeArabia News Service