Dubai-based Pantheon Development has acquired prime land in Marjan's RAK Central Masterplan to develop mixed use project, it was announced on Thursday.

The upcoming project will feature apartments, offices, and hotel apartments, Marjan said in a press statement. The statement didn't disclose the transaction value or other details but said Pantheon's project is expected to be completed by the first quarter of 2029.  

Located on Sheikh Mohammed bin Salem Al Qasimi Street, and overseeing Al Hamra Golf Club and the Arabian Gulf, RAK Central has been designed as the largest Grade A commercial district in the Northern Emirates. The first phase of the infrastructure and the main business complex is expected to be completed in the fourth quarter of 2026.

The mixed-use development will eventually offer three million square feet of rentable office space, more than 4,000 residential apartments, four hotels with a capacity surpassing 1,000 keys, green spaces, retail and entertainment facilities, and interconnected buildings with over 1,000 parking spaces, and is aimed at multinational companies in hospitality, leisure, retail, finance, logistics and construction sectors.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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