AED1 billion real estate investment by Al Hamra in Ras Al Khaimah
Al Hamra, a Ras Al Khaimah-based real estate development and investment firm, has unveiled an ambitious five-year plan from 2023 to 2027 to drive sustained growth through strategic developments in line with the vision of Ras Al Khaimah’s leadership of establishing the emirate as a leading destination for business, investment and tourism.
With an estimated budget of AED1 billion, the company intends to expand its real estate and hospitality portfolio, and optimize existing assets, while implementing a systematic technology upgrade and improving customer experience in retail to further strengthen brand equity.
In addition to upgrading to innovative branded hospitality, optimizing retail, developing both vertical and horizontal real estate assets, as well as investing in value-added services, the five-year campaign will use a three-pronged approach to position itself as a leading provider of premier lifestyle experiences, quality products, and world-class services in the Northern Region.
To attract investments locally, regionally, and internationally, Al Hamra recently sold its 27,000 sqm Al Hamra Mall to Aldar Properties PJSC (Aldar) for AED410 million. This sale tells a compelling story about Ras Al Khaimah’s potential as a retail and tourism hub in the UAE, aided by an attractive demographic and strong market dynamics.
The immediate focus of Al Hamra will be on continuing to enhance the Manar Mall and establishing its reputation as the Northern Region’s most preferred shopping destination. Relaunch plans are also being put in place for hospitality, retail, and leisure businesses, including the Al Hamra Residence, Al Hamra Village, and Al Hamra Marina and Yacht Club, as well as select F&B outlets. A continuing focus will be placed on the group’s residential, hospitality, and commercial projects in the Emirate.