News Summary
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 Collaborates with MAN Construction for Aqua Arc Project in Ras Al Khaimah
BNW Developments has recently partnered with MAN Construction, a subsidiary of the Masah Group, to spearhead the exciting Aqua Arc project in the vibrant emirate of Ras Al Khaimah. This new waterfront development aims to integrate advanced technology to create an innovative and secure living environment, reflecting the growing emphasis on cybersecurity within the region’s real estate sector.
The Significance of Cybersecurity in Real Estate
The collaboration between BNW Developments and MAN Construction underscores the crucial need to embed cybersecurity into the physical infrastructure of new developments. A recent report from PwC highlights that a staggering 74% of executives in the Middle East consider cyber risks the most significant threat to infrastructure and real estate investments. This revelation comes as national strategies—like the UAE’s Cybersecurity Framework and Saudi Arabia’s Vision 2030—advocate for a “secure-by-design” approach to infrastructure, pushing developers to enhance digital security measures in smart environments.
RAK Properties Expands Development Plans
In conjunction with the Aqua Arc project, RAK Properties has ambitious plans to launch one project each month over the coming year, aimed at delivering a total of 40,000 new homes to meet increasing demand in Ras Al Khaimah. The company has set a bold target of AED 5 billion in project launches for 2025, with most developments aimed at the Mina region, known as the premier island lifestyle destination in the emirate.
RAK Properties has already secured land for upcoming projects in areas like the Marjan Beach District and is also planning to expand into Dubai South. Financing for these projects will be covered through the company’s available liquidity, supplemented by an existing AED 2 billion credit line from the Commercial Bank of Dubai. Currently, the company’s leverage ratio rests comfortably at approximately 18%, with forecasts indicating double-digit growth for 2024.
Rising Property Prices and Project Features
The real estate market in Ras Al Khaimah has experienced significant fluctuations, with property prices soaring by 20-25% in the first eight months of 2024. This trend is projected to continue, with an estimated increase of 8% in 2025. Currently, prices for branded residences fall between AED 1,200 and AED 1,300 per square foot, with expectations that these figures may approach double in the near future.
The Mina project is set to transform the landscape of Ras Al Khaimah, featuring an impressive 18 kilometers of waterfront and comprising three key districts: Raha Island, Hayat Island, and Lagoons. This development will encompass a combination of villas, branded residences, and hospitality projects that will house around 40,000 residents.
Hospitality Expansion and Luxurious Amenities
In addition to residential offerings, RAK Properties has plans to establish six hotels in the Mina project, with two already operational. Future developments include the Anantara Residences and Hive on Hayat Island, alongside a 339-unit residential project named Mirasol on Raha Island. Targeting high net worth individuals, these projects will feature partnerships with international brands to deliver luxury designs and exceptional services.
Future amenities in the Mina project will further enhance its appeal, with plans for a beach club, concierge services, and the construction of Niki Beach. Additionally, Raha Island will boast a 200-berth marina, designed to attract yachting enthusiasts from neighboring regions.
Economic Growth Projections for Ras Al Khaimah
Looking ahead, Ras Al Khaimah’s economy is projected to grow at an average of 4.2% annually until 2027, driven primarily by sectors such as tourism, real estate, manufacturing, and mining. The hospitality industry currently represents 4% of the local GDP, while real estate accounts for 7% and is expected to bloom further with ongoing projects.
As the population of Ras Al Khaimah is anticipated to rise by 55%, growing from 400,000 to over 600,000 by 2027, the demand for residential and commercial developments will continue to surge, paving the way for a promising future in the region’s real estate landscape.
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Additional Resources
- Economic Times: BNW Developments and Masah Group Join Forces
- Forbes: A Bitcoin Vision in Ras Al Khaimah
- Trade Arabia: BNW Partners with Masah for Waterfront Project
- Wikipedia: Ras Al Khaimah
- AGBI: Ras Al Khaimah’s Economy Set to Expand Until 2027
