UAE-based Marjan has announced the launch of operations as the master-developer of freehold property in the northern emirate of Ras Al Khaimah.

In the new role, the company will operate as an independent entity responsible for leading the development of freehold projects in Ras Al Khaimah and for creating and designing its key freehold master plans, stated Abdulla Al Abdooli, the managing director and chief executive.

"Marjan’s vision for Ras Al Khaimah is to support the diversification of the emirate with a focus on real estate and enhance its attractiveness to tourists and investors from across the globe thanks to its world-class destinations," he noted.

Marjan, he stated, will acquire Al Marjan Island and all its real estate activities and assets. "The company will also focus on strategic partnerships with leading local and international real estate companies, as well as feasibility studies for new freehold projects, which will play a key role in driving growth in the emirate," he added.

Al Abdooli said Ras Al Khaimah had incredible growth potential and Marjan was being positioned as the master-developer of urban projects within a precise and integrated framework that will help attract foreign investments and support economic growth by enhancing the performance of the hospitality, tourism, retail and real estate sectors.

"In addition, Marjan intends to lay the foundation for the future freehold development of Ras Al Khaimah. The company will follow a phased plan and prioritise the work of each freehold complex being developed," he added.-TradeArabia News Service