RAK Central Square tops out with 2.27 million sq ft of offices due in late 2027

Marjan, the master developer of Ras Al Khaimah, and the Ras Al Khaimah Economic Zone marked the topping out of RAK Central Square on 5 November 2026, with structural works complete across five towers and the opening still set for the fourth quarter of 2027. The complex is the emirate's first Grade A office complex, 2.27 million square feet of space in five buildings, per Marjan's release of 20 May 2026. For a property buyer the significance is the district around it: RAK Central has sold all 26 of its plots and is planned for more than 7,000 apartments, which is where the people who will work in these towers, and at Wynn Al Marjan Island next door, are expected to live.

What was announced on 5 November 2026

Marjan's statement, carried by Zawya and TradeArabia on 5 November 2026, says the structural works on the five towers are complete and that facade installation and mechanical, electrical and plumbing works are under way. The project has recorded more than five million working hours without a reportable health, safety or environmental incident. The opening remains scheduled for the fourth quarter of 2027.

The statement also updates the wider masterplan. Infrastructure for RAK Central was completed in September 2025. All 26 development plots have been sold, to developers including Pantheon Developments, Lapis Properties, BNW, Sugee Properties, Major Developments and Dara Properties. The district is planned for about 3 million square feet of rentable Grade A office space, more than 7,000 residential apartments, over 1,000 hotel keys, retail, parks and a central town square. A district cooling plant with a planned capacity of 35,000 refrigeration tonnes is to serve more than 40 buildings.

Ramy Jallad, Group Chief Executive of RAKEZ, referred to "a community of more than 50,000 companies across diverse sectors." Marjan's release of 20 May 2026 had put the RAKEZ figure at more than 40,000 companies from over 100 countries; the article uses both figures with their dates rather than reconciling them.

What the complex is

The May release describes RAK Central Square as Ras Al Khaimah's first luxury Grade A office complex, with a total office area of 2.27 million square feet across five buildings, floorplates of about 16,000 square feet, LEED Gold certified design, and food, beverage and retail at ground level. Leasing is handled by JLL. The release lists direct access to Al Hamra Golf Course, Al Hamra Mall, The Ritz Carlton Al Hamra Beach and Wynn Al Marjan Island, and connections to Ras Al Khaimah International Airport and Dubai International Airport.

The residential projects already named within RAK Central in that release are Radisson Blu Residences by BNW Developments, One RAK Central by Pantheon, Colibri Views by Major Developments and Juna by Dara. Castilion Estates does not yet publish any of them, and this article states no price, payment plan or handover date for them.

The market around it

CBRE's first half 2026 review of Ras Al Khaimah, reported by Arabian Business on 22 September 2026, put apartment prices up 18 per cent in a year and villa prices up 7.3 per cent, with apartment rents up 14.3 per cent and an average apartment sale value of AED 2,298 per square foot. Al Marjan Island apartment values rose 23.1 per cent and Al Hamra values 14.7 per cent. CBRE said pricing and absorption had eased since the end of February 2026. Matthew Green, Head of Research at CBRE MENA, said: "The pace of change we are witnessing in Ras Al Khaimah continues to impress."

The same review counted more than 34,000 homes due for delivery between 2026 and 2030, about 10,000 of them branded residences, and about 9,000 hotel rooms across 60 properties today with 8,500 more keys planned between 2027 and 2030, almost two thirds of them on Al Marjan Island. Wynn Resorts said on 5 November 2026 that Wynn Al Marjan Island remains set to open in September 2027, as our report of 6 November 2026 set out.

What it means for investors

First, RAK Central Square is the first large block of Grade A offices in an emirate whose property story has so far been almost entirely resort and residential. Offices bring daytime employment, and employment brings tenants on annual contracts rather than holiday lets. For an owner on Al Marjan Island, Al Hamra or in RAK Central itself, that is a second source of demand alongside the resort.

Second, the dates line up. The offices open in the fourth quarter of 2027, a quarter after the Wynn resort. The residences Castilion Estates presents nearby are scheduled later: NH Collection Hotel and Residences on Al Marjan Island for the fourth quarter of 2027 and Fairmont Residences Al Marjan Island for the fourth quarter of 2028. A buyer in either would take delivery as the two employment anchors begin operating. Our payment plan guide explains how to read the instalment schedules.

Third, supply is the number to hold against the demand. More than 34,000 homes between 2026 and 2030, per CBRE, is a large pipeline for an emirate of this size, and CBRE's own note that pricing and absorption have eased since February is the caution in the data. We do not forecast prices or returns.

Fourth, for a buyer in the United States, Canada or Latin America, the dirham is pegged at AED 3.6725 to the US dollar, so CBRE's average of AED 2,298 per square foot is about USD 626 per square foot with no currency risk against the dollar. Freddie Mac put the average US 30 year fixed mortgage rate at 7.18 per cent on 5 November 2026. Non resident buyers can finance UAE homes with UAE mortgages; our mortgage guide and guide for investors from the Americas cover the terms and the reporting questions to raise with an adviser at home.

What to watch

Watch for the first anchor tenants named for RAK Central Square, for launch details and handover dates from the six plot buyers, and for CBRE's full year 2026 review of Ras Al Khaimah to see whether the easing it recorded since February continued through the second half. Castilion Estates presents the NH Collection and Fairmont residences on Al Marjan Island; ask us for current availability and terms before relying on a launch price.