ADX-listed RAK Properties, focused on the Ras Al Khaimah emirate, revealed on Wednesday that it will launch a new project pipeline valued at 5 billion UAE dirhams ($1.36 billion) in 2025 under its Mina master plan.
The first project within the updated plan is Mirasol, a resort-inspired residential development featuring two towers on Mina’s Raha Island. The 339-unit Mirasol includes studios, apartments, and duplexes, with handovers expected in the first half of 2028. The project will also feature a restaurant in collaboration with Spanish Michelin-starred chef Vicente Torres, although the company did not disclose its value.
CEO Sameh Muhtadi stated that the Mina master plan will feature a yacht club, a wharf, a marina boulevard, and several beach clubs. The retail section will offer 137 outlets, providing 23,000 sqm of leasable space.
RAK Properties is also planning to announce significant luxury hotel partnerships for Mina by the first quarter, further expanding its portfolio, which already includes the ultra-luxury NB Collection and two operational luxury hotels: InterContinental Ras Al Khaimah Mina Resort & Spa and Anantara Mina Ras Al Khaimah Resort.
Mina, covering 4 million square meters along the Ras Al Khaimah coastline, will have three districts: Raha Island, Hayat Island, and Lagoons.
RAK Properties’ ambitious $1.36 billion development plan for 2025 highlights its commitment to transforming Ras Al Khaimah into a premier luxury destination. With the launch of projects like Mirasol and the Mina master plan, the developer aims to enhance the region’s real estate landscape with a mix of high-end residential, retail, and leisure offerings. Strategic partnerships with renowned chefs and luxury hotel brands will further elevate Mina’s appeal, positioning it as a key hub for investors and tourists. As the project progresses, RAK Properties continues solidifying its role as a major player in the UAE’s real estate sector.
