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.
Aqua Arc, a tech-integrated waterfront development in Ras Al Khaimah, is set to make waves as BNW Developments has officially named MAN Construction as the principal construction partner for this ambitious project. This collaboration highlights a significant shift in the construction landscape of the GCC, focusing on the embedding of cybersecurity and digital governance into physical infrastructure. The move comes in response to the increasing concern regarding cyber threats within the region, as evidenced by a 2024 report from PwC Middle East, which revealed that 74% of executives consider cyber risks as the top threat to infrastructure and real estate investments.
As developers aim to create smart environments, there is growing pressure to ensure these innovations do not introduce new digital vulnerabilities. National frameworks, such as the UAE’s Cybersecurity Framework and Saudi Arabia’s ambitious Vision 2030, advocate for “secure-by-design” infrastructure that prioritizes safety in both digital and physical realms. This trend reflects a broader recognition across the region that as technology continues to evolve, so too must the strategies to safeguard it.
In parallel with the Aqua Arc development, RAK Properties is gearing up to launch a remarkable one project a month over the next year, targeting an unprecedented 40,000 new homes in Ras Al Khaimah. The company has set an impressive target of AED 5 billion in project launches for 2025. The majority of these developments will take place in the Mina region, known as RAK’s premier island lifestyle destination.
RAK Properties has already secured land for projects within the Marjan Beach District and is also planning to expand with another project in Dubai South. These initiatives will be financed through the company’s available liquidity alongside a credit line amounting to AED 2 billion from the Commercial Bank of Dubai. Presently, RAK Properties maintains a leverage ratio of approximately 18%, with projections indicating substantial double-digit growth for 2024.
The real estate market in Ras Al Khaimah has shown a robust performance, with property prices soaring by 20-25% during the first eight months of 2024. Expectations indicate an additional rise of 8% in 2025. Current prices for branded residences range between AED 1,200 and AED 1,300 per square foot, with anticipations that these figures may double in the near future.
RAK Properties’ Mina project is particularly ambitious, featuring 18 kilometers of waterfront and divided into three distinct districts: Raha Island, Hayat Island, and Lagoons. Collectively, these areas will include a mix of villas, branded residences, and hospitality projects, ultimately accommodating around 40,000 residents.
The company has plans to establish six hotels in the region, with two already operational, alongside exciting upcoming developments such as the Anantara Residences and Hive on Hayat Island. Another noteworthy residential project, Mirasol, featuring 339 units, is slated for Raha Island.
In a bid to attract high net worth individuals, RAK Properties is exploring partnerships with international brands, aiming to offer premium designs and services. Plans are also underway to develop amenities like a beach club, concierge service, and even a Niki Beach within the community. To enhance the allure, Raha Island will incorporate a 200-berth marina, further attracting yachting and tourism from neighboring regions.
The economic landscape of Ras Al Khaimah is projected to experience significant growth, with an estimated annual growth rate of 4.2% until 2027. This growth trajectory is driven by sectors such as tourism, real estate, manufacturing, and mining. As for the hospitality sector, its contribution to the GDP currently stands at 4%, with real estate contributing 7% as of 2024—figures that are expected to rise with the influx of new projects.
Furthermore, the population of Ras Al Khaimah is anticipated to grow by 55%, from 400,000 to over 600,000 by 2027, indicating a vibrant future for both residents and the real estate market in this promising emirate.
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