BNW Developments Partners with MAN Construction for Aqua Arc Project

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 Teams Up with MAN Construction for Aqua Arc Project in Ras Al Khaimah

BNW Developments has officially named MAN Construction, a part of the Masah Group, as the main construction partner for the new Aqua Arc project, located in the scenic area of Ras Al Khaimah. This highly anticipated development aims to integrate advanced technology into its waterfront setting, marking a significant step forward in the region’s construction landscape.

The Aqua Arc project is set to emphasize cybersecurity and digital governance within its physical infrastructure. This focus comes in response to growing concerns about cyber threats in the region’s real estate sector. According to a recent report by PwC Middle East, a substantial 74% of regional executives view cyber risks as the leading threat to infrastructure and real estate investments. In light of these findings, both the UAE’s Cybersecurity Framework and Saudi Arabia’s Vision 2030 encourage initiatives for “secure-by-design” infrastructure, reflecting the heightened need for security in modern developments.

Rising Pressure on Developers

In today’s world of smart environments, developers face mounting pressure to ensure that these technological advancements do not introduce digital vulnerabilities. This is particularly relevant as the Gulf Cooperation Council (GCC) real estate market continues to evolve.

RAK Properties: Expanding Horizons

In tandem with this development, RAK Properties is preparing to launch one project each month over the next year, with a bold target of delivering 40,000 new homes to meet heightened market demand in Ras Al Khaimah. The company aims for an impressive AED5 billion in project launches by 2025, focusing primarily on the Mina region, which is becoming the premier island lifestyle destination for the area.

RAK Properties has secured land for projects at the popular Marjan Beach District and is additionally planning new developments in Dubai South. Financing for these ventures will come from the company’s available liquidity or an AED2 billion credit line from the Commercial Bank of Dubai. Presently, RAK Properties’ leverage ratio is about 18%, with expectations of double-digit growth in 2024.

Real Estate Market Trends

An encouraging development for property investors, property prices in Ras Al Khaimah have already increased by 20-25% within the first eight months of 2024, with predictions of further growth of 8% in 2025. Branded residences are currently priced between AED1,200 and AED1,300 per square foot, with speculation that these figures may soon approach double.

The Mina project is poised to be a milestone development featuring 18 kilometers of waterfront and comprising three distinct districts: Raha Island, Hayat Island, and Lagoons. The mixed-use project promises a variety of living options, including villas, branded residences, and hospitality offerings, which together are expected to accommodate around 40,000 residents.

Hospitality and New Developments

RAK Properties is also focusing on hospitality, planning to build a total of six hotels, two of which are already operational. Upcoming projects include the luxurious Anantara Residences and the Hive on Hayat Island, along with a significant residential project named Mirasol, which will feature 339 units on Raha Island.

In a bid to attract high-net-worth individuals, RAK Properties is forming alliances with international brands to offer luxury designs and services. Plans are also in place for a beach club, concierge service, and the construction of Niki Beach, further enhancing the appeal of the Aqua Arc project.

Future Outlook

The development of Raha Island will introduce a 200-berth marina, catering to the yachting community from surrounding areas. With the economy of Ras Al Khaimah projected to grow at an average rate of 4.2% annually until 2027, driven by sectors including tourism, real estate, manufacturing, and mining, the region is well-positioned for future prosperity.

As of 2024, the hospitality sector contributes 4% to the GDP, while real estate accounts for 7%, a figure anticipated to rise with the launch of new projects. Additionally, the population of Ras Al Khaimah is forecasted to increase by 55%, growing from 400,000 to over 600,000 by 2027, further underlining the demand for innovative and secure housing solutions.

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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