Major acquires prime plot at mega RAK commercial development
RAS AL KHAIMAH, 21 hours, 22 minutes ago
UAE-based Major Developers has entered into a deal with Marjan, the master developer of freehold properties in Ras Al Khaimah, to acquire a prime plot of land at its mega commercial development - RAK Central.
As per the agreement, Major will be developing a mixed-use project at the RAK Central site with a built-up area of 265,000 sq ft. The entire work will be completed by Q4 2028.
This marks Major Developers’ second venture in Ras Al Khaimah thus reinforcing their commitment to the northern emirate’s high-growth commercial and investment ecosystem, said senior company officials at the signing ceremony held at the Mövenpick Resort Al Marjan Island.
Following the successful launch of their flagship project, Manta Bay at Al Marjan Island, this latest venture underscores Major's continued confidence in the emirate’s economic vision and its infrastructure-driven approach to sustainable growth, they stated.
Speaking on the occasion, Marjan CEO Abdulla Al Abdouli said: "With RAK Central, we’ve created a mega development that is structurally aligned with regional growth, global investment patterns, and national diversification goals."
RAK Central is a meticulously planned business district designed to be the commercial nucleus of Ras Al Khaimah, offering rare investment fundamentals: 100% foreign ownership, low taxation, and high yield potential.
Its strategic location and smart design make it one of the most compelling investment zones in the region.
Grounded in a “Work–Live–Play” philosophy, the district combines institutional infrastructure with human-centric planning to create a cohesive urban ecosystem, stated Al Abdouli.
"Major Developers’ decision to invest in this multi-use destination is testament to Ras Al Khaimah’s growing clout as a durable economic engine driving further progress. We welcome their participation in the evolution of RAK Central and look forward to a landmark addition to its evolving identity," he added.
Major Developers CEO Andrei Charapenak said: "RAK Central represents a uniquely calibrated convergence of foresight, infrastructure, and regional alignment. As such we are excited to drive Ras Al Khaimah’s growth narrative through this multi-dimensional new project that is set to shape one of the UAE’s most profitable and forward-thinking economic hubs."
"We look forward to further driving this visionary project through our landmark architecture, experience, and performance," he added.
RAK Central masterplan offers three million sq ft of rentable office space, more than 4,000 residential apartments, four hotels with a capacity surpassing 1,000 keys, multiple parks and green spaces in addition to various retail and entertainment facilities and several interconnected buildings with over 1,000 parking spaces for visitors.
Work on RAK Central HQ, which will serve as the main business complex, is currently underway and expected to be completed in the first quarter of 2027.-TradeArabia News Service
