Ras Al Khaimah (UAE): Al Marjan Island, the mega mixed-use realty project at Ras Al Khaimah in the UAE, is being promoted by its master developer Al Marjan Island LLC as an ideal investment destination for both Indian firms as well as citizens. The project is a cluster of four islands extending 4.5km into the Arabian Gulf, covering an area of 2.7 million sq metres of reclaimed land.
“Al Marjan Island has great potential to establish itself as the favourite destination for all,” said Abdullah Rashed Al Abdooli, managing director of Al Marjan Island LLC. “The Indian market is huge — we are trying to tap it aggressively. We would like Indian developers and investors to come to Al Marjan Island as partners in the development of the place.”
Company executives pointed out that the strategic location of the island makes it an ideal investment destination for Indian investors, paired with the freehold facility that makes investment not only secure (as the title ownership of the property is with the investor), but also tax-free. Additionally, there is no restriction on the repatriation of capital and profits.
According to a recent study by Colliers International, investments made in Al Marjan Island are delivering a 16% equity IRR, which is on a par with other similar established projects in the region. The Al Marjan Island project is regulated by the Ras Al Khaimah Real Estate Regulatory Authority (RAKRERA) and comes with residency visa for home owners.
About 1.15 mn sq metres is available for investors and developers to construct different categories of real estate — from hospitality and residential to retail or commercial projects. The project is already home to three properties by leading hospitality players — Rixos Bab Al Bahar, Double Tree by Hilton and the Marjan Island Resort and Spa managed by Accor.
Al Marjan Island LLC works as a partner with its investors and other stakeholders, thereby pre-empting most possible causes for delays and postponements. According to the company, benefits for real estate developers and investors include no personal or income tax, 100% foreign ownership, zero foreign exchange controls, full repatriation of capital & profits, ready infrastructure, 100% availability of utilities services and availability of labour accommodation.
Credits ET Realty