Almal Project on Al Marjan Island Reaches 23% Completion

DUBAI, UAE – Almal Real Estate Development has confirmed that construction at its flagship project, The Unexpected Al Marjan Island Hotel & Residences, has reached 23% completion, marking a significant milestone for the sold-out development in Ras Al Khaimah.

The project, which achieved full sell-out shortly after launch, also recorded one of the highest price points on Al Marjan Island at $1,715 per square foot (AED 6,300 PSF), underscoring strong investor demand for premium beachfront assets in the emirate.

Construction continues to advance on schedule, with delivery targeted for 2027. The developer confirmed that works are progressing without delay, supported by stable supply chains, consistent workforce availability, and ongoing site activity.

The milestone follows regular site inspections by Almal’s Founder, Dmitriy Starovoitov, who noted that development is maintaining steady momentum despite broader global economic uncertainty.

“Reaching this milestone at The Unexpected Al Marjan Island Hotel & Residences reflects disciplined execution and strong alignment across our partners,” said Starovoitov. “This sold-out project has been strongly received in the market, and the consistency of progress on site reflects the UAE’s stable and resilient economic environment, supported by reliable supply chains and sustained investor confidence. Our focus remains on delivering a high-quality, world-class project that aligns with market demand and contributes to the continued growth of Ras Al Khaimah.”

Located on Al Marjan Island, the development will comprise 422 five-star hotel rooms and branded residential units, managed by Palladium Hotel Group.

Inspired by Ibiza’s lifestyle-driven hospitality concept, the project integrates beachfront living with curated amenities, positioning itself as a distinctive offering within the UAE’s evolving hospitality and residential landscape.

Its proximity to the upcoming Wynn Al Marjan Island resort, the UAE’s first integrated resort destination scheduled for completion in 2027, further enhances its strategic positioning and long-term investment appeal.

Ras Al Khaimah’s growing investment profile

Al Marjan Island continues to emerge as a key growth node within the UAE’s real estate and tourism sectors. Compared to more mature markets, Ras Al Khaimah offers a less saturated environment, supported by expanding infrastructure and increasing international investor interest.

Tourism figures reached 1.35 million visitors in 2025, reflecting a 6% year-on-year increase, with projections indicating growth to approximately 5.5 million visitors by 2030.

The anticipated opening of Wynn Al Marjan Island is expected to further accelerate demand across hospitality and residential segments, reinforcing the island’s role as a high-potential investment destination.

Almal Real Estate Development continues to build its presence across high-growth markets, with projects spanning the UAE, Bali, and Cyprus.

The company remains focused on delivering premium residential, hospitality, and mixed-use developments in collaboration with internationally recognised operators, aligning design, delivery, and long-term value creation.