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Aakar Marjan builds Dh600m development in Ras Al Khaimah

DUBAI — Aakar Marjan Island LLC will build a Dh600-million mixed-use project in the UAE emirate of Ras Al Khaimah, the company said in a statement yesterday. Set for launch during this first-quarter, the project will be built on Al Marjan Islands.

A new company formed by the Canadian real-estate firm Aakar Developers, Turkey's Kayi Construction and Dubai-based Indian trader Taranjit Sahni, Aakar Marjan said the five-star hotel and residential apartments complex is being developed by Ras Al Khaimah-based Rakeen.

"The partnership between three leading names in the real estate and property development sector will seek to leverage the growth and emergence of Ras Al Khaimah as a commercial and tourist attraction," Aakar Marjan said in a statement.

Occupying a five-acre plot on Al Marjan's largest island, the project is the first man-made island community development in Ras Al Khaimah. An international hotel operator will manage the project after its completion in 2010.