Abu Dhabi – Mubasher: RAK Properties has inked an enabling works contract worth AED 11.5 million ($3.13 million) with Al Nuaimi Group for its InterContinental Ras Al Khaimah Mina Al Arab Resort, according to a statement.
The 350-key resort is scheduled to open in 2019, the company said, adding that the project is operated under the InterContinental Hotels Group’s (IHG) brand.
The new project and the Anantara Mina Al Arab Ras Al Khaimah Resort, set to be completed in late 2018, will support Ras Al Khaimah’s plan to welcome 2.9 million visitors by 2025.
The company’s stock fell 1.32% to AED 0.77 by 11:23am UAE time, generating AED 2.27 million from the exchange of 2.95 million shares.
