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INSIDE RAK’S NEXT PROPERTY WAVE
Exclusive Interview with Philip Yousef, Chief Sales Officer, Major Developments.
What is driving property buying and selling in the region?
The Ras Al Khaimah market is being driven by a perfect convergence of fundamentals, tourism growth, infrastructure readiness, and yield resilience. In just the first half of 2025, RAK welcomed over 654,000 visitor arrivals, marking a 6% year-on-year surge, with tourism revenues climbing 9%, according to the RAKTDA.
On the capital markets side, residential values have surged 18% year-on-year as per CBRE, with average apartment prices now reaching AED 1,947 per sq ft. Al Marjan Island has been a standout performer, recording an astonishing 71% annual increase in sales prices. Off-plan activity is also exceptionally strong, with 1,760 units sold in H1 2025 alone and Q2 sales reaching AED 3.6 billion, up from AED 2.5 billion in Q1. These aren’t speculative surges; they reflect the depth and maturity of the market, particularly as RAK Central nears full activation as the emirate’s business and commercial hub.
From my lens, what’s fuelling this activity is not just sentiment, it’s structure. Fitch Ratings continues to affirm RAK at A+ with a Stable outlook, while projecting UAE GDP to grow 5.1% in 2025 and RAK-specific GDP to average 6.1% over 2025-26. For us at Major Developments, this stability is the foundation upon which projects like Manta Bay on Al Marjan and Colibri Views in RAK Central are thriving, they’re built at the intersection of high-velocity tourism and long-term economic activity.
What changes are you seeing in buyer preferences – for example, are people prioritizing location, size, or lifestyle amenities differently than before?
Buyer behaviour in RAK has evolved significantly in the past 18 months. Location remains paramount, but the definition of a “prime” location has bifurcated. On one end are leisure-focused buyers who are driving demand on Al Marjan Island, where the +71% price surge underlines the premium for branded, beachfront, short-let-ready homes. On the other end, we see growing demand for urban convenience in RAK Central, where mixed-use infrastructure, offices, and parks are creating a modern business core. Colibri Views is a direct response to this shift, designed to serve the growing executive and corporate workforce that prefers to live at the centre of activity while staying minutes from the leisure coast.
We’ve also noticed that buyers are increasingly seeking fully furnished, turnkey residences. They want to activate their investment from day one, without the friction of setup and fit-outs. That’s why all our homes at Manta Bay and Colibri Views come fully furnished with integrated European interiors and modular layouts.
Most critically, amenities are no longer seen as decorative, they are decisive. This is where innovation is reshaping buyer expectations. At Manta Bay, we’re delivering the world’s first Sky Beach, a fully functional sandy beach suspended several feet above the shoreline, designed as a year-round leisure space. At Colibri Views, we’ve built the world’s first and only Rooftop Footbot experience in collaboration with international football legend Patrice Evra, combining AI-driven wellness with sport and community engagement. These are not vanity add-ons. They’re lifestyle infrastructure, and increasingly, buyers benchmark projects on the depth and uniqueness of their amenity ecosystem.
We’ve also seen a shift from sheer size to specification quality. Today’s buyers prefer slightly more compact homes if it means better views, better design, and better services. This is exactly why our planning philosophy prioritises layout efficiency and convertible spaces over excess square footage.
To what extent are digital platforms, proptech solutions, and virtual property tours influencing how buyers and sellers engage in the market today?
Digital walkthrough solutions and VR-based tools are redefining how potential buyers experience real estate, taking project understanding to an entirely new level. We see a diverse mix of preferences among our clients, some continue to value traditional purchase journeys, while others find greater clarity and satisfaction when engaging through the latest tech solutions.
We remain committed to exploring emerging proptech trends and integrating the most effective innovations to deliver an informed, seamless, and future-ready experience to our clients.
Are you noticing a shift in the profile of investors entering the market – for example, more overseas buyers, first-time homeowners, or institutional investors?
Absolutely. The profile has diversified significantly. European interest is at an all-time high, with the RAKTDA recording the strongest tourism growth from Central and Eastern Europe, Romania up 65% and Poland up 56% in the first half of this year. That correlates directly with what we’re seeing on the ground: more first-time European buyers entering the market, often purchasing for hybrid use – personal holidays and short-let income.
We’re also seeing more first-time regional buyers, particularly younger GCC and expat professionals, entering through fully furnished, ready-to-rent stock. And notably, institutional investors and regional developers are circling RAK, with CBRE data confirming a surge of interest in acquiring or partnering on new branded residential projects on Al Marjan.
Our two projects reflect these buyer personas clearly: Manta Bay caters to yield-driven investors seeking high-visibility leisure stock near the Wynn Resort, while Colibri Views attracts business-adjacent residents and investors who value RAK Central’s emerging ecosystem of offices, retail, and parks. Together, they capture the two strongest growth corridors in the emirate.
Looking ahead, what trends will drive property transactions over the next 12–18 months?
There are four clear forces set to shape the next cycle of property transactions in Ras Al Khaimah. The most immediate catalyst is the Wynn Resort on Al Marjan Island, which is on track to open in early 2027. Each construction milestone has continued to re-rate the value of surrounding real estate, anchoring Al Marjan as the epicentre of leisure-driven investment.
At the same time, RAK Central is transitioning from concept to reality; its land plots are fully sold out, infrastructure is now complete, and commercial tenants are beginning to activate the district. This momentum positions Colibri Views to serve as the residential benchmark of RAK Central, capturing demand from both regional executives and international investors seeking a foothold in the emirate’s emerging business hub.
The tourism base is also compounding at record levels. In H1 2025, visitor arrivals reached 654,000 (+6% year-on-year) and revenues rose 9%, while ancillary segments like MICE and weddings grew +36%. This sustained inflow will directly fuel demand for short-stay-ready residences, especially those with resort-led appeal like Manta Bay.
And underpinning it all is a highly supportive macroeconomic climate. Ras Al Khaimah continues to hold an A+ (Stable) rating from Fitch, and the UAE is forecast to achieve 5.1% GDP growth this year, creating a favourable environment for capital inflows and real estate liquidity.
Looking ahead, I see the market being shaped by distinctive, experience-led projects in catalytic locations. At Major Developments, we’ve already partnered with global football icons like Francesco Totti and Patrice Evra, whose involvement has reinforced buyer confidence and amplified our international visibility. Building on this success, we intend to forge more such high-profile partnerships while also expanding our portfolio into the Beach District, further strengthening our footprint across Ras Al Khaimah’s most future-ready corridors.
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THE EVENT BRINGS TOGETHER SUMMER SHOPPING AND EXCLUSIVE OFFERS UNDER ONE ROOF

As the summer holiday season begins, Jashanmal Group is set to bring its highly anticipated Warehouse Sale: Summer Edition to Cityland Mall Dubai. Following the overwhelming response to its recent Warehouse Sales in the region, the legacy retailer aims to create a family-focused sale for all ages.
The five-day shopping extravaganza taking place from June 24th to 28th is thoughtfully designed to offer a vibrant mix of shopping experiences. Adding to the experience, the Warehouse Sale: Summer Edition will feature a curated selection of premium international brands such as Kenwood, Clarks, Kipling, De’Longhi, BALLY, Hoover, Delsey Paris, Russell Hobbs and many more.
Commenting on the initiative Mr. Anurag Verma, Chief Distribution Officer, Jashanmal Group said, “Given the overwhelming popularity and enthusiastic response to our warehouse sales this year, truly a favorite among shoppers, we are thrilled to bring the highly anticipated Warehouse Sale Summer Edition to Dubai. Summer is a time when families come together, planning their travels and preparing for the season ahead, and it is truly the perfect time to shop. At Jashanmal, we bring together everything you need, offering a complete destination for all your summer shopping needs across multiple lifestyle categories.”
As the retail shopping experience continues to evolve in line with the changing consumer lifestyles and expectations, Jashanmal Group remains at the forefront of delivering immersive, experience-led engagements whether through unique retail concepts, seasonal campaigns and enhanced shopping experiences.
Aligned with the UAE Year of the Family, The Warehouse Sale: Summer Edition underscores the Group’s commitment to community focused initiatives, while celebrating the importance of family at the heart of life in the UAE.
Mr. Verma further added, “We are proud to offer an experience that reflects community spirit, togetherness and joy of shared moments. Through our upcoming sale, we are bringing together trusted brands, exciting experiences and attractive offers in one destination, creating a shopping event that the whole family can enjoy.”
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WHY BRANDS MUST CONFIDENTLY CHAMPION A “MADE IN THE UAE” ETHOS AND MOVE AWAY FROM OVER-RELYING ON THE PRESTIGE OF IMPORTED PRODUCTS
By Carlo Magistretti, Chief Strategic Advisor, Sobha Furniture
For decades, premium furniture has been closely associated with established European manufacturing centres, particularly Italy, where design heritage, craftsmanship, and cultural influence have shaped global standards. That reputation is deserved. But the global landscape has changed.
Today, the conversation around premium products can no longer be defined by where something has traditionally been made. It must be defined by the quality of design, the precision of execution, the consistency of production, and the value delivered to the customer.

The UAE is a powerful example of this shift.
This is a country built on ambition, but more importantly, on the ability to turn ambition into reality. It is a place where bold ideas are not left as concepts. They are planned, engineered, built, and delivered at scale. From iconic skylines and world-class infrastructure to landmark hospitality and residential developments, the UAE has consistently shown the world what is possible when vision is matched with execution.
That same spirit is now shaping its manufacturing sector.
“Made in the UAE” is no longer a statement of convenience or proximity. Increasingly, it is becoming a mark of quality, capability, and confidence. It reflects a country that has invested deeply in industrial infrastructure, advanced technology, logistics, talent, and operational excellence to create a manufacturing ecosystem that can compete on a global stage.
The momentum behind this shift is clear. The UAE’s manufacturing industry recorded 7.7% growth in Q1 2025 and contributed 12.8% to non-oil GDP, underscoring the country’s growing industrial capability and its role in the wider economic vision.
For UAE-based businesses that continue to rely solely on imported products, whether from Italy or any other market traditionally associated with premium craftsmanship, there is a risk of overlooking what is happening here. The Emirates are no longer simply a destination for global products. They are becoming a place where global standards are created, manufactured, and delivered.
The premium furniture industry needs to recognise this change. Premium should not be reduced to geography. It should be measured by design integrity, material quality, manufacturing precision, service reliability, and the ability to deliver consistently. By those measures, UAE manufacturing is proving that it can stand alongside some of the most established production hubs in the world.
At Sobha Furniture, we have long believed that the future of premium furniture manufacturing is about integrating the design excellence and the manufacturing expertise within one fully integrated ecosystem.

This philosophy has shaped the way we build our business. Our own design teams in Milan – Italy draw on deep expertise in creating proportion, materiality, timeless aesthetics, and meaningful living solution while our manufacturing capabilities in the UAE ensure that these ideas are engineered, produced, finished, and delivered with precision.
This high level of integration is fundamental. In furniture, design and execution cannot exist as separate disciplines. A compelling design only achieves its full value when it is translated flawlessly into the finished product. By connecting design, engineering, manufacturing, finishing, and quality control within a unified process, innovation moves faster, customisation becomes more achievable, and the original design intent is preserved throughout every stage.
For customers, this translates into a more dependable experience, with greater transparency, rigorous quality assurance, enhanced flexibility, and confidence that every piece is delivered exactly as intended.
In recent years, global supply chains have faced repeated disruption, from shipping delays to material shortages and geopolitical pressures. Businesses that rely heavily on distant production networks have often found themselves vulnerable to factors beyond their control.
Manufacturing in the UAE changes that equation. It gives brands greater control over quality, timelines, and responsiveness. It also creates a clearer connection between a brand, its product, and its place of origin. From a customer’s perspective, that translates into confidence and trust.
This belief also shaped the launch of Flaer during Milan Design Week. Flaer represents a new expression of what a premium furniture brand from the UAE can be: globally minded, rooted in Italian design culture, and powered by the UAE’s ability to make ambitious ideas real. Presenting Flaer in Milan was not only a design statement, but a statement of confidence. It demonstrated that a brand conceived, manufactured, and built through the UAE’s capabilities can enter one of the world’s most influential design conversations with clarity and credibility.
This is the opportunity in front of us. The UAE has already earned a global reputation as a place where bold visions are realised. Now, that same reputation is extending into manufacturing, design, and industrial excellence.

The real question is no longer whether UAE manufacturing can compete internationally. The evidence increasingly shows that it can. The question is whether businesses are prepared to move beyond outdated assumptions and recognise the opportunity this shift presents.
As an industry, we must move beyond the belief that premium is synonymous with imported. Excellence can be designed globally, manufactured locally, and delivered to the world. The brands that embrace this mindset will not only strengthen their own competitiveness but will also help define the next chapter of global manufacturing.
The future of premium furniture will belong to those who can combine design excellence, manufacturing precision, operational control, and customer confidence into one seamless experience. The UAE is increasingly proving that it can do exactly that.
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MAJID AL FUTTAIM AND DUBAI SME EXPAND MA’AN TO SHOWCASE HOMEGROWN SMES AT MALL OF THE EMIRATES
Majid Al Futtaim, a leading developer and operator of shopping malls, communities, retail and leisure destinations across the Middle East, Africa and Asia, in partnership with the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), part of the Dubai Department of Economy and Tourism (DET), has expanded Ma’an by Majid Al Futtaim, with the launch of its latest customer-facing showcase at Mall of the Emirates. The initiative marks a significant milestone in Ma’an’s evolution, creating direct market access for Dubai’s homegrown businesses and connecting them with millions of consumers across one of the region’s most visited retail and leisure destinations.
The launch was marked by a ribbon-cutting ceremony attended by senior representatives from Majid Al Futtaim and Dubai SME, officially opening the showcase to visitors. This exciting concept provides customers the opportunity to discover and shop for Dubai based homegrown brands across fashion, jewellery, food, lifestyle and design-led retail, all under one roof, reflecting the breadth and quality of entrepreneurial talent already established across the city.
Ma’an was created to help Dubai based entrepreneurs gain greater visibility, reach new customers, and unlock practical opportunities for growth. To date, the initiative has supported close to 70 homegrown brands across the wider Majid Al Futtaim ecosystem, including retail, leisure, entertainment, and loyalty platforms. This growing network of participants reflects both the commercial readiness of Dubai’s SME community and the effectiveness of public–private collaboration in generating real market opportunities.
As part of the programme, 27 brands have been featured across destinations such as THAT Concept Store, VOX Cinemas, ACTIVATE, and iFLY, while 30 brands are participating in dedicated mall pop-ups across Majid Al Futtaim destinations. A further 12 brands have also been onboarded onto the SHARE Rewards Programme, extending their reach beyond the physical mall environment and connecting them with customers through Majid Al Futtaim’s digital loyalty ecosystem.
The first phase of Ma’an focused on opening applications and onboarding Dubai based SMEs into Majid Al Futtaim’s consumer ecosystem, giving selected brands access to retail, entertainment, loyalty, and marketing platforms across the group. With participating brands now integrated into customer-facing channels, the programme has moved into its second phase, focused on direct visibility, discovery, and market access.
This next phase reflects the importance of practical market access in supporting SME growth. By connecting homegrown brands with established retail environments, entertainment platforms, and digital engagement channels, Ma’an supports Dubai’s wider efforts to strengthen entrepreneurship, enable business growth, and increase the contribution of SMEs to the economy. As a cornerstone of the Dubai Economic Agenda, D33, which aims to double the size of the city’s economy by 2033, SME-enabling initiatives such as Ma’an play a direct role in building the commercial foundations required to sustain long-term, diversified growth.
Ahmad Al Room Almheiri, CEO of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), said: “Dubai’s entrepreneurial ecosystem continues to demonstrate its strength and resilience, and Ma’an by Majid Al Futtaim is a direct expression of that confidence, showing how public-private collaboration can create practical growth opportunities for SMEs. By connecting homegrown brands with established consumer destinations and digital platforms, the programme gives entrepreneurs direct access to customers, visibility and commercial insight to support sustainable growth.
“Dubai SME’s focus continues to be on ensuring that entrepreneurs are given the market access and partnerships needed to grow. Initiatives such as Ma’an strengthen the bridge between emerging businesses and major private sector platforms, advancing the objectives of the Dubai Economic Agenda, D33, and reinforcing Dubai’s position as a city where SMEs can scale with confidence. As global conditions continue to evolve, Dubai is committed to enabling its business community, and this programme is a tangible outcome of that commitment.”
Khalifa Bin Braik, Chief Executive Officer, Majid Al Futtaim Asset Management, said: “Ma’an was created around a simple belief: extraordinary businesses already exist across the UAE, but many still face barriers when it comes to access, visibility, and scale. Through Ma’an, we are opening Majid Al Futtaim’s ecosystem to help address those challenges in a practical and tangible way.
“By giving homegrown brands access to customers, retail environments, loyalty platforms and live experiences, we are creating opportunities that would traditionally take years to build independently. This is more than a moment of visibility; it is a platform for growth. The founders participating in Ma’an represent the creativity, resilience, and ambition of the UAE’s SME community, and we are proud to support them as they take their next step.”
Following its debut at Mall of the Emirates, the Ma’an roadshow will continue to City Centre Mirdif and City Centre Deira, spending two weeks at each destination and introducing customers to a new selection of Dubai based SMEs and homegrown businesses.
Through Ma’an, Majid Al Futtaim and Dubai SME continue to support homegrown businesses by creating tangible pathways to customers, visibility, and commercial growth, while strengthening collaboration between the public and private sectors to support the UAE’s entrepreneurial community.
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