Al Marjan Island: Retail Runs Short Around the UAE’s First Casino Resort
Ras Al Khaimah is building the country’s first integrated casino resort, and Al Marjan Island is being reshaped around it. Ready-to-buy commercial units are almost nowhere to be found — and that’s its own investment story.
Ras Al Khaimah is the UAE's northernmost emirate, roughly a hundred kilometres from Dubai, squeezed between the Arabian Gulf and the Hajar Mountains. A few years ago it was known mainly for beaches and mountain tourism. Now it is building the country's first integrated resort with a casino.
What that changes
The UAE is already one of the world's most visited destinations, and adding a gaming segment to beach tourism widens the audience: a resort like this runs on a different average spend and a different seasonality.
All of it is rising on Al Marjan Island, a reclaimed island that has so far been built out with hotels and residences. An anchor project of this scale changes the economics of the whole area — room inventory, footfall, and demand for everything around it, all move up together.
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Where the shortage is
The most striking thing for an investor is how little commercial space on the island is actually for sale. Retail here is mostly built as part of hotel and residential complexes and stays with the owner rather than coming to market.
A benchmark from the rare listings that do surface: units of roughly 241 and 275 sqm were priced at AED 10.4m and AED 11.8m respectively — around $11,700 per square metre. A 10/50/40 payment plan was offered on those lots.
The only alternative on the horizon is a future mall whose concept hasn't been confirmed and whose units were never planned for sale in the first place.
How to read it
- Upside: a supply shortage against rising footfall is the textbook setup for rents to climb.
- Downside: the market is thin. There are far fewer buyers and tenants for commercial space in Ras Al Khaimah than in Dubai, and exiting the asset takes longer.
- Worth checking: actual footfall once the resort opens, not the forecast — and which activities the specific unit is licensed for.
Based on reports on the integrated resort under construction in Ras Al Khaimah and on commercial listings on Al Marjan Island, February 2025.
Video on this topic
The same subject on the English channel — each clip has a written version of its own.
13:37Al Marjan Island plots: what the branded launches in Ras Al Khaimah are actually built on10 December 2023
15:43Nobu in Ras Al Khaimah and Abu Dhabi: why the RAK one is the more interesting asset10 December 2023
19:45Oceano on Al Marjan Island: the Luxe Developers project and the island being built around it14 August 2026
In the news
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UAE gaming industry: the first casino opens on Al Marjan Island in 2027
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Al Marjan Island commercial property: how Ras Al Khaimah’s island is changing around the UAE’s first casino resort
The northern emirate is getting the country’s first gaming resort, and Al Marjan Island is being built out around it. Commercial space there almost never reaches the open market — which makes it an investment story of its own.
Ras Al Khaimah to 2030: 3.5m visitors, 16,000 hotel keys and a new airport terminal
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Wynn Al Marjan Island: opening moves to September 2027 as budget rises to about $5.7bn
Wynn Al Marjan Island now opens in September 2027 instead of Q1, and the budget is up $600m to about $5.7bn. Licence granted by the GCGRA in October 2024, $2.4bn construction loan closed in February 2025. What the delay means for Al Marjan investors.
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