Dubai-based firm Ardee Developments has signed an agreement with French hospitality firm Accor Group to develop Fairmont residences and the Fairmont hotel project in Ras al-Khaimah’s Al-Marjan island.

The Fairmont Al-Marjan hotel will offer 250 keys, while Fairmont Residences will have 519 residential units.

The project is slated for opening in 2028.

The agreement was signed between Romeo Abdo, founder of Ardee Developments and Omer Acar, CEO of Fairmont Hotels & Resorts.

The project is yet another addition to the growing list of high-profile upcoming real estate schemes in Al-Marjan island. 

The real estate market in the UAE’s northern emirate of Ras Al-Khaimah has transformed in recent years, with transactions reaching AED6.4bn ($1.74bn) in 2024 – an 805% increase on the AED711m recorded in 2020. 

Several key drivers have fuelled this growth, most notable of which is the establishment of an estimated $2.5bn Wynn Resorts integrated development on Al-Marjan Island. 

The project is the largest of its kind in the emirate’s growing hospitality sector, covering an area of 250,000 square metres. It involves the construction of a 1,000-key luxury hotel, and retail and convention areas, including a high-end shopping mall, food and beverage amenities, a spa and gaming facilities.

Since the Wynn Resorts announcement, real estate demand in the emirate, especially on Al-Marjan Island and in the areas around it, has skyrocketed. Major local and international residential and hotel developers, including local firm Rak Properties, Abu Dhabi’s Aldar, Dubai’s Emaar Properties and US-based Wow Resorts, have since launched high-end projects that have increased the appeal of real estate in the emirate.

Looking ahead, the Ras Al-Khaimah real estate market should remain in robust shape, with schemes worth over $9bn in the pipeline.

Further growth is expected as a result of infrastructure enhancements that have taken place, including improved road networks and international flight connectivity, which have supported the growing real estate market by making the emirate a more convenient place to live and work.