RAK Properties Unveils Ambitious Dh5bn Development Plan for 2025

RAK Properties, a leading real estate developer in Ras Al Khaimah, has announced plans to launch 12 new projects in 2025, collectively valued at Dh5 billion ($1.36 billion). This strategic initiative aims to capitalize on the growing demand for residential and mixed-use developments in the emirate.

The centerpiece of this expansion is the Mina master plan, a comprehensive development spanning approximately 4 million square meters along Ras Al Khaimah's coastline. Mina is divided into three distinct districts: Raha Island, Hayat Island, and Lagoons. Each district is designed to offer a blend of residential units, branded residences, and villas, catering to diverse lifestyle preferences.

The first project slated for launch under this master plan is Mirasol, a twin-tower residential development located on Raha Island. Mirasol will comprise 339 units, including studios, apartments, and duplexes, all designed to provide resort-inspired living. A notable feature of Mirasol is its collaboration with Spanish Michelin-starred chef Vicente Torres, who will oversee a signature restaurant within the development. The project is scheduled for completion in the first half of 2028.

Sameh Muhtadi, CEO of RAK Properties, emphasized that the updated Mina master plan will include a yacht club, a wharf, a marina boulevard, and multiple beach clubs. The retail component comprises 137 outlets with a combined 23,000 square meters of net leasable area, enhancing the community's lifestyle offerings.

In addition to residential developments, RAK Properties is expanding its hospitality portfolio within Mina. The company currently operates two luxury hotels: InterContinental Ras Al Khaimah Mina Resort & Spa and Anantara Mina Ras Al Khaimah Resort. Plans are underway to introduce more luxury hotel partnerships, further establishing Mina as a premier island lifestyle destination.

The Mina development is designed to accommodate approximately 40,000 residents upon completion, reflecting RAK Properties' commitment to creating vibrant, sustainable communities. The master plan emphasizes connectivity and community, with features such as a 200-berth marina on Raha Island, aiming to attract yachting enthusiasts from across the region.