RAK Properties Unveils $1.4bn Pipeline, Launches Mina Development in Ras Al Khaimah

Ras Al Khaimah is set to undergo a major transformation with a $1.4 billion real estate development pipeline, highlighted by the new Mirasol project.

RAK Properties has unveiled its ambitious AED 5 billion ($1.4 billion) development pipeline for 2025, with the Mina project at its core. Mina spans 4 million square meters along Ras Al Khaimah’s coastline, strategically located near the Emirate’s key economic hubs. It will consist of three key districts: Raha Island, Hayat Island, and Lagoons.

Mina will become a central part of RAK Properties' growth vision, with the first major project, Mirasol, set to launch in 2025. Located on Raha Island, Mirasol is a resort-style living concept, featuring a restaurant developed in partnership with renowned Spanish Michelin-star chef Vicente Torres.

Sameh Muhtadi, CEO of RAK Properties, said, “We’re excited to introduce Mina—our vision for the future of Ras Al Khaimah. This development embodies thriving communities, exceptional living experiences, and a people-first design ethos, all supported by world-class partners. The launch of Mirasol marks the first step in our AED 5bn residential development pipeline for 2025, and with new amenities such as a yacht club, marina boulevard, and multiple beach clubs, our transformation agenda is in full motion.”

To enhance Mina’s appeal to residents, tourists, and investors, several key additions are underway, including the Mina Yacht Club and Mina Wharf, which cater to luxury motor yachts and sailboats. These two amenities are designed to activate Mina’s waterfront and make the most of Ras Al Khaimah’s prime sailing conditions. The yacht club and wharf will be connected by the vibrant Mina Boulevard, a walkable shopping and dining destination, which will transform Raha Island into a social hub.

Mina will feature over 137 retail outlets, offering a blend of community and destination shopping experiences across 23,000 square meters of leasable space. The development will prioritize sustainability, connectivity, and community, with a diverse selection of luxury residences, from elegant waterfront villas to exclusive branded apartments, all with easy access to beaches and green spaces.

Notable properties within Mina include the ultra-luxury NB Collection, and two operational luxury hotels: the InterContinental Ras Al Khaimah Mina Resort & Spa and the Anantara Mina Ras Al Khaimah Resort. RAK Properties also plans to announce new luxury hotel partnerships in the coming months.

Porto Playa, a new resort-style living concept, will add to Mina’s residential offerings, featuring a range of studios, apartments, and duplexes, and is expected to be completed by 2028. Residents will enjoy stunning views and seamless access to Mina's extensive amenities, including an oasis-style pool, sunken beds, open-air cinema, yoga studio, children's play area, splash pool, and a lounge bar.

Mirasol marks the first of many new developments planned for 2025, and RAK Properties is on track for an active year with several handovers expected.