Leading Chinese investment group Novel chooses RAK’s Al Marjan Island for mixed-use development luxury project

Novel international group, a leading highly diversified investment company from China, has signed an agreement with Al Marjan Island (AMI) Company to acquire 720.000 sq. Ft. of landon the man-made island in Ras Al Khaimah.

Alan Feng, Director, Novel company said that: “Our Group aims at enlarging its presence overseas via high standing partnerships, joint venture and other projects. The UAE has always been for us the hub to develop our activities in the Middle East market. We operate in several financial and non-financial areas, among them the real estate, hospitality, IT, and renewable energy. Ras Al Khaimah represents a lot of potential for us as investors, and the nature and infrastructure assets especially in Al Marjan Island and around are a winning card to bring the attention of China to the region.”

“It is with great pride that we announce this partnership today. Novel Group is so far one of our biggest investors and we are delighted that they have chosen Al Marjan Island in Ras Al Khaimah for their new development in the UAE. The project involves a mixed-use development hotel, a hotel apartment and retails; and it targets global tourists and visitors,” said Architect Abdullah Rashed Al Abdooli, Managing Director of AMI Company.

Al Marjan Island is very selective when it comes to conclude partnerships. Our project in Ras Al Khaimah has a long-term impact and we would like that our investors and developers adopt the same vision like us. Our fellows in Novel have shown a big enthusiasm to join this adventure and be part of the Emirate real estate major players. We look forward to see Novel’s project taking shape and discover their hospitality offer in Al Marjan Island,” added Al Abdooli.

“We focus in our investments on diversifying our projects and integrating the Chinese and global economy. We are happy to be part of this exquisite development scenery in Al Marjan Island and we expect that our presence here will strengthen the international position of Ras Al Khaimah as a touristic destination,” concluded Feng.

Headquartered in Shanghai, Novel International Group has a dedicated overseas Engineering Construction Fund,estimated at over USD 200 million andnewly set up, in order to focus on the overseas engineering construction projects especially in the Middle East.

The group has also a strategic presence in Seoul Korea, Melbourne, Australia, Jakarta， Indonesia and Gurgaon, India.

Novel Groups consortium has over 20 companies located worldwide, including Novel International Engineering, Novel Investment, Novel Resource, Novel Property, Novel Asset Management, Novel Trading and Novel Agro Technology.

To note that RAK has an ambitious goal in term of tourism; the 2018 vision of the emirate targets one million visitors by the end of 2018 and encourages growth and diversification across the accommodation portfolio and the tourism offerings for both business and leisure travellers.