UK firm plans $95m hotel, residences on Ras Al Khaimah island.

UK-based Magna Group has announced its first global hotel and branded residences project in Al Marjan Island in Ras Al Khaimah, having acquired a plot on the man-made island for an undisclosed sum. 

Valued at AED350 million ($95.3 million), the new hotel project includes a 372-room resort as well as 78 residences and is scheduled to be completed in 2021.

The 78 branded residences will be available for purchase or longer-term rental.

www.arabianbusiness.com