An artist's rendering of the Aqua Arc Project, highlighting its innovative design and picturesque waterfront.
BNW Developments has appointed MAN Construction to lead the Aqua Arc Project, a transformative waterfront development in Ras Al Khaimah. This partnership emphasizes the integration of cybersecurity and digital governance into construction practices, addressing the growing concerns over cyber threats. The project aims to set new standards in infrastructure while also appealing to high net worth individuals through luxury designs and services. In addition, RAK Properties outlines plans for rapid residential growth in the region, underpinning the area’s projected economic expansion.
BNW Developments has officially appointed MAN Construction, a subsidiary of the Masah Group, as the main construction partner for the ambitious Aqua Arc Project. This innovative, tech-integrated waterfront development is set to revolutionize the landscape of Ras Al Khaimah.
This partnership is particularly significant as it focuses on embedding cybersecurity and digital governance into physical infrastructure. With concerns over cyber threats rising, the need for secure construction practices is more prominent than ever. A recent report by PwC highlights that a striking 74% of executives in the Middle East consider cyber risks as the primary threat to their infrastructure and real estate investments.
National initiatives, including the UAE’s Cybersecurity Framework and Saudi Arabia’s Vision 2030, advocate for “secure-by-design” infrastructure. As developers face mounting pressure to ensure smart environments don’t incur digital liabilities, projects like Aqua Arc represent a proactive step towards addressing these challenges.
In addition to the Aqua Arc Project, RAK Properties has outlined an aggressive launch strategy. The company plans to initiate one project each month over the next year, aiming to build up to 40,000 new homes in Ras Al Khaimah to meet increasing market demand. With a target of AED5 billion in project launches by 2025, RAK Properties seeks to solidify its position in the region.
Most of the new developments are slated for the Mina region, which is recognized as Ras Al Khaimah’s premier island lifestyle destination. RAK Properties has secured land in the Marjan Beach District and is also pursuing another project in Dubai South. Financing for these ventures will primarily come from the company’s liquidity, alongside a AED2 billion credit line from the Commercial Bank of Dubai.
RAK Properties maintains a leverage ratio of approximately 18% and anticipates double-digit growth in 2024. Property prices in Ras Al Khaimah have surged by 20-25% within the first eight months of 2024 and are projected to increase by an additional 8% in 2025. Currently, prices for branded residences range between AED1,200 and AED1,300 per square foot, with expectations of them nearly doubling soon.
The Mina project will encompass 18 kilometers of waterfront and feature three distinct districts: Raha Island, Hayat Island, and Lagoons. It will consist of a diverse mix of villas, branded residences, and hospitality projects, designed to accommodate around 40,000 residents.
RAK Properties aims to enhance the hospitality landscape with plans to build six hotels. Of these, two are already operational. Future projects include the Anantara Residences and the Hive on Hayat Island, along with a planned 339-unit residential project called Mirasol on Raha Island.
In a bid to attract high net worth individuals, RAK Properties is entering partnerships with international brands to offer luxury designs and services. Plans for additional amenities like a beach club, concierge service, and the establishment of Niki Beach are in progress.
Raha Island is set to enhance its appeal to boating enthusiasts with the introduction of a 200-berth marina, aimed at attracting yachts from neighboring regions.
The economy of Ras Al Khaimah is projected to grow at an average rate of 4.2% annually until 2027. Contributing factors include tourism, real estate, manufacturing, and mining. The hospitality sector will contribute around 4% to the GDP, while real estate is expected to account for 7% in 2024, increasing further with the launch of new projects.
Ras Al Khaimah’s population is anticipated to rise significantly, increasing from 400,000 to over 600,000 by 2027. This substantial growth is indicative of the area’s expanding economy and developments tailored to meet the needs of a burgeoning population.
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