Staff Report
Dubai, UAE
Marjan, the master developer of freehold land in Ras Al Khaimah, through its subsidiary RAK Central, has signed an agreement with Pantheon Development, to acquire and develop a major project at its mixed-use destination in the northern emirate. The upcoming project features residential apartments, offices, and hotel apartments, and is expected to be completed by the first quarter of 2029.
Abdulla Al Abdouli, Chief Executive Officer, Marjan, said, “RAK Central is designed as a vibrant destination to strengthen Ras Al Khaimah’s business ecosystem in alignment with RAK Vision 2030. This commitment from Pantheon Development heralds an exciting new chapter in the growth of this first-of-its-kind Grade-A commercial district in the Northern Emirate. We are confident that the new mixed-use project will further our ambitious agenda of creating one of UAE’s most dynamic and robust financial hubs to boost the local economy. It marks the commencement of a long-term development project, signalling opportunities for future investment and growth in RAK Central.”
The acquisition of the prime land and the commencement of the project reinforces RAK Central’s vision to be the Northern Emirate’s corporate base and aligns with the mixed-use destination’s strategic goal to be a vibrant space to live, work and play.
Kalpesh Kinariwala, Founder of Pantheon Development, said, “We are excited to embark on a new journey at RAK Central with its potential to be a major financial hub in the region with a growing focus on infrastructure and real estate. Pantheon Development has made a name for itself by blending modern design with functionality and affordability and we look forward to setting new benchmarks in urban living at this vibrant space. Its central location combined with easy access marks it out as a prime area for growth. Our commitment to build thriving communities and provide affordable luxury leads our vision as we look forward to this dynamic new project.”
Located on Sheikh Mohammed bin Salem Al Qasimi Street, with views of Al Hamra Golf Club and the Arabian Gulf, RAK Central is conceptualized as the largest commercial business district in the Northern Emirates. Set to become Ras Al Khaimah’s largest business hub, the project will house leading businesses and other entities in the region.
RAK Central is a mixed-use development designed to offer three million square feet of rentable office space, more than 4,000 residential apartments, four hotels with a capacity surpassing 1,000 keys, multiple parks and green spaces, various retail and entertainment facilities, and several interconnected buildings with over 1,000 parking spaces for visitors. The project is expected to attract investment from multinational companies in diverse business sectors, including hospitality, leisure, retail, finance, logistics and construction. The first phase of the infrastructure and the main business complex is expected to be completed in the fourth quarter of 2026.
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