Ras Al Khaimah, UAE — Marjan, the master developer of freehold land in Ras Al Khaimah, has announced a significant partnership with Pantheon Development through its subsidiary, RAK Central. This significant announcement was made by Arch. Abdulla Al Abdouli, Chief Executive Officer of Marjan during the exclusive event- “Future of Ras Al Khaimah” held on 1st Nov 2024 in Ras Al Khaimah. This collaboration aims to acquire and develop a substantial project within a progressive mixed-use destination in the northern emirate. The project, which will include residential apartments, offices and hotel apartments.
This acquisition highlights RAK Central’s commitment to establishing itself as the corporate hub of the Northern Emirates, while also contributing to the strategic objective of creating a vibrant space for living, working, and entertainment. Pantheon Development’s involvement in the project demonstrates their confidence in RAK Central’s potential for future growth and development.
Arch. Abdulla Al Abdouli, Chief Executive Officer of Marjan, stated, “RAK Central is designed as a vibrant destination to strengthen Ras Al Khaimah’s business ecosystem, aligning with RAK Vision 2030. This collaboration with Pantheon Development marks an exciting new phase in developing a premier Grade-A commercial district in the Northern Emirate. We are confident that the new mixed-use project will bolster our ambitions to create one of the UAE’s most dynamic financial hubs, contributing positively to the local economy. This initiative signals the beginning of a long-term development project, paving the way for future investment and growth opportunities in RAK Central.”
Kalpesh Kinariwala, the Founder of Pantheon Development, expressed enthusiasm regarding the launch of RAK Central, which he believes has the potential to become a significant financial hub in the region, particularly with an increasing emphasis on infrastructure and real estate development. He highlighted Pantheon Development’s reputation for integrating modern design with functionality and affordability, stating their intention to set new standards in urban living within this vibrant new area. Kinariwala emphasized the strategic location of RAK Central, which not only offers accessibility but also serves as a prime area for growth. He reiterated the company’s commitment to fostering thriving communities and providing affordable luxury as they embark on this ambitious project.
Situated on Sheikh Mohammed bin Salem Al Qasimi Street, RAK Central is envisioned as the largest commercial business district in the Northern Emirates, aiming to establish itself as Ras Al Khaimah’s premier business hub. This mixed-use development is planned to encompass three million square feet of office space, over 4,000 residential apartments, four hotels with more than 1,000 rooms, and various parks and green spaces. Additionally, it will feature numerous retail and entertainment options, interconnected buildings, and more than 1,000 parking spaces for visitors. The project is anticipated to draw investments from multinational companies across a range of sectors, including hospitality, leisure, retail, finance, logistics, and construction. The completion of the first phase of the infrastructure and the main business complex is expected by the fourth quarter of 2026.
The Future of Ras Al Khaimah just gets better with such groundbreaking alliances!
