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Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah



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Old April 3rd, 2012, 11:03 AM   #21
SayNoToRAK
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Good balanced article

This gives a good overview regarding this project.

http://www.washingtonpost.com/busine...SiS_story.html

www.almarjanislandrak.com
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Old June 10th, 2012, 11:02 PM   #22
Ben44
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I see this is going well then..
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Old October 25th, 2012, 08:59 PM   #23
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is anyone update about real project ?
Is they start ? who is developer ?
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Old November 4th, 2012, 02:26 AM   #24
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Just say you saw the launch and want to buy in.. Who and where do you pay.. Great marketing (scam)

Last edited by Ben44; November 4th, 2012 at 02:36 AM. Reason: Kipper
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Old November 4th, 2012, 02:28 AM   #25
Ben44
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..

Last edited by Ben44; November 4th, 2012 at 02:37 AM. Reason: Fed up..
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Old November 12th, 2012, 12:56 PM   #26
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yes. absolute bull...t i think
the sad thing is tho, I dont think any developers got any sales out of it,,, pacific is still 85% sold out

think whoever arranged the scam (possibly a joint developers/RAKIA venture) wasted their money (whatever they had to pay Zidane and the rest for the photos etc)

think developers need to come up with better than this to get people parting with their money these days
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Old February 19th, 2013, 03:20 PM   #27
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any news?
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Old March 17th, 2013, 11:21 AM   #28
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It's been a year since the announcement - any news? or activity on the island?
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Old May 16th, 2013, 06:29 PM   #29
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any
news?
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Old May 17th, 2013, 11:41 AM   #30
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Quote:
Originally Posted by DR.SHREJMAN View Post
any
news?
No Doctor, no news.
My bitter guess is that it was another name scandal to generate some interest in the region.
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Old June 27th, 2013, 01:53 PM   #31
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I would call the project dead.

Quote:
Development of a $1bn Real Madrid Resort Island planned for Ras Al Khaimah has been put on hold indefinitely due to a lack of funding, sources have said.

The project, which is a joint venture between Spanish football team Real Madrid, the government of Ras Al Khaimah and Luxembourg-based RAK Marjan Island Football Investment Fund, was announced in March 2012.

Plans for the 50-hectare resort included a theme park, a stadium and a museum dedicated to the Spanish club, sports facilities and residential units and a luxury hotel. Construction has still not started and sources said the original January 2015 opening date had now been scrapped.
http://www.arabianbusiness.com/-1bn-...l#.Ucv_RDv-HfQ
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Old June 27th, 2013, 06:43 PM   #32
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my bitter guess was right
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Old June 27th, 2013, 07:16 PM   #33
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$1bn Real Madrid UAE resort on hold 'indefinitely'

Worth posting up the whole of this article as it says so much about RAK:

Development of a $1bn Real Madrid Resort Island planned for Ras Al Khaimah has been put on hold indefinitely due to a lack of funding, sources have said.
The project, which is a joint venture between Spanish football team Real Madrid, the government of Ras Al Khaimah and Luxembourg-based RAK Marjan Island Football Investment Fund, was announced in March 2012.
Plans for the 50-hectare resort included a theme park, a stadium and a museum dedicated to the Spanish club, sports facilities and residential units and a luxury hotel. Construction has still not started and sources said the original January 2015 opening date had now been scrapped.
“Building won’t start any time soon,” a spokesman from the RAK Investment Authority was quoted as saying by UAE-based Sports Talk magazine. “Plans are indefinitely on hold. The resort stands no chance of opening in January 2015, if at all.
“We have been searching for funding over the past two months, but due to harsh economic times none has materialised. We haven’t totally abandoned the project, but it will need fresh backers, since we were banking on promised funds from France and Luxembourg. Even if we got some today nothing would be open until the end of 2016, at the earliest.”
Club officials at Real Madrid, which last month signed a five year shirt sponsorship with Dubai’s Emirates Airline, was also unclear as to the status of development on the project.
“We only lent our brand to the Real Madrid Resort Island,” club president Florentino Perez said. “Real Madrid did not contribute financially. We hope the resort is completed in a timely and cost-effective manner, but right now that looks unlikely. We wanted a base in the UAE to bring us closer to our MENA and Asian fan base, but that may not be possible now.”
In March last year, developers behind the ambitious $1bn project were confident the project would start construction by the end of 2012 and would be completed by 2015, despite admitting they had not yet secured any funding.
“This is such a unique project, that I don’t see any drawbacks in people being attracted to funding,” CEO of the venture Louis Armand De Rouge told Arabian Business.
“The only problem I think we might be faced with is selecting investors. It’s not so much about whether we’ll have the money to make it but who is going to participate in the project. We already have people who want to buy most of it.”
The resort was set to be the first tourism complex built under the Real Madrid trademark, and was expected to help boost tourism to the northern emirate, which generates significantly less from tourism activities than Dubai and Abu Dhabi.
De Rouge said he expected around one million visitors per year and for developers to break even within three years. “We expect it to be profitable,” he said. “In the first three years we should be more than breaking even.”
Ras Al Khaimah was chosen for its history of stability and investment, and its close proximity to Dubai, he said. The UAE itself was seen as a strategic location which would allow Real Madrid to tap into its current target market, the Asian Pacific.
The announcement certainly had an immediate positive impact for Ras Al Khaimah as yields on its Islamic bonds fell to the lowest in six months soon after the news broke.
Ras al Khaimah, which has little infrastructure compared with Dubai and Abu Dhabi, attracted 835,000 visitors in 2011. By comparison, Dubai drew 9.3m with attractions such as the world’s tallest tower, palm-shaped islands and indoor skiing.
The emirate’s 40 hectare real-estate project on the artificial Marjan Island will also include a marina, yacht club and a Real Madrid museum as well as a football training academy. The centerpiece of the resort will be a soccer stadium in a half circle facing the sea.
Real Madrid was ranked the highest earning football club in the world for the eighth consecutive year after taking, with revenue of $650.5m in 2012, according to an annual report published by Deloitte.
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Old June 28th, 2013, 04:25 PM   #34
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Quote:
Originally Posted by SayNoToRAK View Post
This gives a good overview regarding this project.

http://www.washingtonpost.com/busine...SiS_story.html

www.almarjanislandrak.com

article been removed
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Old September 20th, 2013, 01:27 PM   #35
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Soccer-Planned Real resort island may be relocated to Abu Dhabi

Quote:




DUBAI, Sept 19 (Reuters) - A planned $1 billion Real Madrid-branded resort in the United Arab Emirate of Ras al-Khaimah (RAK) has been halted and the project may be switched to Abu Dhabi, a senior executive at the master developer and the club said on Thursday.

The 50-hectare (124 acre) attraction was to have been built on the man-made Marjan Island in RAK, 105 kilometres north of its more illustrious neighbour Dubai.

Real Madrid President Florentino Perez and former World Player of the Year Zinedine Zidane, now an assistant to coach Carlo Ancelotti, attended the glitzy project launch in March 2012.

Drawings were displayed for a 450-room hotel, a marina and yacht club and a Real Madrid museum, plus an amusement park and a 10,000-capacity stadium.

At the time, Louis-Armand de Rouge, chief executive of Real Madrid Resort Island, a Luxembourg-based company, said the complex would open in January 2015.

But building work never started and Rouge's company did not buy the land upon which the resort was meant to be built, Michael Hernandez, project director of Marjan Island, told Reuters on Thursday.

He said the project had been "put on hold" and that Marjan Island had no commitments relating to the resort.

In the UAE, developers often prefer to describe mothballed projects as postponed or "on hold" rather than officially scrapping them, even if years pass without any work being conducted on them.

A Real spokeswoman said media reports in Spain that the project had been scrapped were untrue and there was a possibility the resort would now be built in Abu Dhabi.

At the 2012 launch, de Rouge said "there are already heaps of people that want to buy most of it", adding prospective investors included "individuals, private institutions and some financial institutions".

Should the resort not be built, it would add to a host of sports-themed projects in the UAE that failed in the wake of the financial crisis, including a Tiger Woods-branded golf and real estate development and a Bollywood project.

A property market recovery seen in Dubai has not helped other Emirates, where projects have been stalled for years

Abu Dhabi, the UAE capital, meanwhile, has sought to establish itself as a tourist destination, hosting a Formula One Grand Prix from 2009.

It is also home to Ferrari World, which claims to be the world's largest indoor theme park, a 15-hectare water park and wildlife reserve containing about 15,000 animals.

De Rouge did not respond to emailed requests to comment and could not be contacted on the phone number listed on his business card. (Additional reporting by Iain Rogers in Madrid, editing by Alison Wildey)


http://sports.yahoo.com/news/soccer-...9479--sow.html
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Old October 27th, 2013, 10:30 AM   #36
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Real Madrid Scraps $1 Billion Resort in U.A.E. Sheikhdom
By Zainab Fattah & Alex Duff - Sep 23, 2013 2:21 PM GMT+0100

Real Madrid canceled a planned $1 billion soccer-themed resort in the United Arab Emirates after the project’s organizer defaulted on payments.

A licensing agreement with RAK Marjan Island Football, the Luxembourg-based organizer of the project in the emirate of Ras Al Khaimah, was scrapped after the company defaulted on payments and “didn’t provide guarantees,” the Spanish soccer team said yesterday.

Khater Massaad, representative of the United Arab Emirates Ras Al Khaima government, from left, Florentino Perez, Real Madrid president, and Louis-Armand de Rouge, chief executive officer of RAK Marjan Island Football pose during the presentation of the Real Madrid Sport Resort at Santiago Bernabeu stadium in Madrid on March 22, 2012.

Louis-Armand de Rouge, chief executive officer of RAK Marjan Island Football, didn’t return calls seeking comment. Real Madrid said the club assumed no financial risks in the plan.
The project was announced in an April 2012 ceremony attended by Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qassimi and former French soccer star Zinedine Zidane, who is Real Madrid’s sporting director. The plan included a 10,000-seat stadium, a marina, residential and retail properties, a football training academy and a 450-room five-star hotel on the artificial Marjan Island.
“It’s very hard to raise finance domestically, let alone internationally, for those projects,” Digvijay Singh, an analyst at VTB Capital Plc, said yesterday. “To me, it was just a matter of time before the project was called off as the interest was just not there.”

Credit Crisis
The project’s developers had projected it would attract 1 million visitors a year to Ras Al Khaimah, one of the seven emirates that make up the U.A.E. The sheikhdom, which has little infrastructure compared with bigger neighbors Dubai and Abu Dhabi, had 835,000 visitors in 2011, according to its tourism authority. Dubai had 9.3 million.
The cancellation is the latest sporting setback for Marjan Island. In 2009, the government agreed to build facilities for America’s Cup teams and sponsors on the island in return for the publicity the world’s oldest and most prestigious sailing race would generate for the emirate. The race never happened there after a New York judge upheld a rule stating that competitions held from November to May must take place in the southern hemisphere.
The Gulf region will hold the soccer’s World Cup for the first time in 2022 after Qatar won the rights to host the event. The plan is embroiled in controversy amid efforts by FIFA, world soccer’s governing body, to move the tournament to winter from summer, when temperatures in Qatar can reach 50 degrees Celsius (122 Fahrenheit).

Early Recovery
The Real Madrid project was one of the first announced in the U.A.E. after the global credit crisis caused a property bubble to burst. Developments including a $1.1 billion Tiger Woods-branded golf resort were shelved after the market crashed.

Dubai is seeing a nascent recovery in its property markets, with prices rising at the fastest pace in the world in the second quarter from a year earlier, broker Knight Frank LLP said in a survey this month.

Just three months ago, Dubai’s prime corporate property buyers couldn’t raise money from international banks and “even now we are at the very beginning of the credit cycle as far as corporates are concerned,” VTB Capital’s Singh said. “For Ras Al Khaimah to think they could raise the money in the international market is a bit far-fetched.” Farfetched

RAK Marjan Island Football assumed all the financial risks of the project, Real Madrid said in its report. The soccer club, which agreed to a 22-year license, said it will search for alternative projects in the U.A.E.
“This shows name alone can’t carry a project and bring investors,” said Taher Safieddine, a Dubai-based analyst at Shuaa Capital PSC. “Investors now look at the track record of a developer, its ability to raise money and finish the development.”
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Old May 15th, 2014, 10:08 AM   #37
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So the project cancelled am I right??
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Old May 17th, 2014, 05:56 PM   #38
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yup...dead as a dodo!!
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Old August 30th, 2014, 10:36 AM   #39
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Arabian Business.com 28th August: The government of Ras Al Khaimah (RAK) is negotiating with a series of potential partners to develop a manmade island off the coast of the emirate that had previously been earmarked to host a $1bn football-themed resort in partnership with Spanish club Real Madrid.
The island is one of four in the Al Marjan archipelago, and the last to be developed.
In 2012, the site made global headlines when Real Madrid signed a deal alongside the RAK government and the RAK Marjan Island Football Investment Fund to build a 50-hectare themed resort on the island, which would have included a stadium and museum dedicated to the club, as well as a marina and luxury hotel.
The ambitious project was scheduled to launch in January 2015.


However, construction never began and in September 2013, Real Madrid scrapped the plan, saying that the project organisers had defaulted on payments.
“We are pursuing and in negotiations with a number of different entities to come and set up development on the island, which is absolutely clean and virgin,” a source close to the talks told Arabian Business.
The source did not give any further details about who the potential partners were, or a timeline for a prospective deal.
Any deal is likely to contain a significant hospitality element, given the number of hotels that have recently opened on the other three islands.
Those properties include the Rixos Bab Al Bahr, a DoubleTree by Hilton and the Al Marjan Island Resort & Spa. Bin Majid Hotels is planning to open the Santorini hotel in 2015, while another DoubleTree by Hilton is set to open in the same year.
Ras Al Khaimah is investing heavily in tourism as it seeks to diversify its economy. The emirate’s Tourism Development Authority reported that 330,000 tourists visited the emirate in the first half of the year, providing $119m in revenues. Hotel occupancy reached just over 64 percent.
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