Aldar Properties PJSC announced that it has acquired a prime beachfront plot of over 40,000 square metres located on Al Marjan Island in Ras Al Khaimah. The land was bought from Marjan, master developer or freehold properties in Ras Al Khaimah, and paves the way for a unique residential development on the island. Aldar intends to combine the plot acquired from Marjan with existing land purchased as part of the DoubleTree by Hilton Resort & Spa Marjan Island acquisition earlier this year to develop a mixed-use residential community overlooking the Arabian Sea.

Set to launch in 2023, the development will become Aldar's first residential community in Ras Al Khaimah with a mix of over 2,000 branded and premium residences with access to retail spaces, a beach club, and two kilometres of private beach. The transaction has the potential to further enhance Al Marjan Island's strong position as a prime beachfront and leisure destination, and showcases Aldar's commitment to expand its growing portfolio in Ras Al Khaimah - a market with considerable growth potential and backed by robust market fundamentals - as it continues to scale, diversify and grow its offering in the Emirate following the recent acquisitions of Al Hamra Mall, Rixos Bab Al Bahr and DoubleTree Hilton Resort & Spa Marjan Island.