Aakar Marjan Island said its Dh600 million ($163 million) luxury hotel and residential apartment complex project in Ras Al Khaimah will be completed by 2010.

The complex is being built on the largest island of the Al Marjan Islands development in the emirate. 

The announcement follows the recent handover of a 281,000 sq ft plot by Rakeen, the master developer of the Al Marjan Islands development. The work is set to start in the coming months.

Aakar Marjan Island is an emerging leader in luxury community developments in the Middle East.

It was formed through a three-way partnership between Aakar Developers, a leading Canadian real estate and property developer, Turkey's Kayi Construction and Taranjit Sahni, an entrepreneur with extensive global expertise in the real estate sector.

Amidst the growing popularity of Ras Al Khaimah as a premier vacation destination, plans have been laid out to increase the number of hotel rooms in the emirate to reach a total of 7,500 by 2012, and to accommodate 20 new hotels by 2012, while supporting projects such as the ‘Al Marjan Islands’ project, said a company official.

“The speedy development of the UAE real estate sector is something that we are seeking to leverage through the launch of our luxury hotel and residential venture on the Al Marjan Islands,'  said Yadvinder Singh, CEO/president, Aakar Marjan Island.

Aakar Marjan Island’s multimillion dirham hotel and residential apartment complex is set to be one of the latest world-class tourist attractions, which the UAE is set to offer global, regional and local tourists.

'In addition to the outstanding business prospects, we are expecting this project to significantly support the UAE’s aims to increase its total volume of hotel rooms to accommodate the swelling number of tourists,' he observed.

“As an emerging real estate and tourism destination in the UAE, Ras Al Khaimah’s natural beauty and first-class tourist facilities have proven its pull to global travellers, as evident in the booming hospitality industry in the emirate, and we are confident that it will welcome more high value master projects such as the ‘Al Marjan Islands’ in the future,” he added.

The 47 per cent growth in visitors recorded in RAK between 2001 and 2006 has been overtaken by a staggering 40 per cent increase in the number of tourists to visit the emirate in 2007 alone, justifying the government’s commitment to establish the emirate as a top tourist destination.

In line with the government’s vision, Aakar Marjan Island’s first venture will include a five-star hotel and freehold residential apartment complex with a total built up area of 800,000 sq. ft, designed to offer breathtaking views of the ocean via each of the fully furnished rooms, suites and apartments.

In addition to a visually stunning location, the development will also incorporate state-of-the-art luxury amenities and world-class rest and relaxation services, and is strategically situated near the Ras Al Khaimah Airport and RAK free zone.

The luxury hotel and residential project will be the second development associated with Aakar, the developers of the Dh200 million Canada Business Centre Tower, which is currently under construction in Business Bay.-TradeArabia News Service