RAK Properties Announce Co-living and Co-working Project

RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, on Thursday said that it has partnered with A.R.M Holding and HIVE, the pioneering co-living developer and operator, to launch a co-living and co-working development in the heart of Mina Al Arab, RAK Properties’ flagship development in Ras Al Khaimah.

This innovative project is set to redefine the lifestyle offering in the emirate, catering to the evolving needs of young modern professionals and entrepreneurs, RAK Properties said in a regulatory filing with Abu Dhabi Securities Exchange this morning.

This joint venture is a strategic move that underscores RAK Properties’ commitment to broadening the emirate’s appeal as a destination for those seeking a dynamic and balanced lifestyle. The new development aligns with the vision of offering a unique blend of creative living and collaborative workspace options in Ras Al Khaimah within a vibrant community setting.

HIVE embodies a cutting-edge living solution tailored specifically for the dynamic lifestyle of young professionals. Designed to cater to the discerning needs of this demographic, HIVE offers more than just a residence – it delivers a comprehensive plug-and-play living experience.

This concept is rooted in the pillars of flexibility, community, and convenience, forming the cornerstone of HIVE’s commitment to providing a living environment that seamlessly aligns with the contemporary aspirations and preferences of young professionals.

The HIVE building will be equipped with a range of amenities designed to encourage community and convenience, including a flexible work lounge, listening room, chef’s kitchen, outdoor areas, and a private pool with stunning views. Residents will enjoy complimentary access to the coworking space’s offerings, while the public can choose from a variety of membership plans.

The co-working space is intended to be a vibrant, social environment for work and collaboration, featuring dedicated desks, private offices, meeting rooms, quiet zones, event spaces, and a coffee bar. An outdoor area will extend the workspace, catering to those who prefer to work in an open-air environment.

The 233-key development, which includes a 117-unit HIVE building and a 116-unit residential building available for purchase, is designed to provide an all-encompassing living and working experience. The development will feature 300 sq. m. of retail space and 2,000 sq. m. of state-of-the-art co-working space, making it the first public workspace from HIVE, inspired by the success of their flagship development in JVC, Dubai.

Significant Step

A.R.M. Holding Chairman and CEO Mohammad Al Shehhi said that this collaboration represents a significant step forward in their journey, reinforcing the company’s commitment to create forward-thinking residential communities that align with the dynamic lifestyles of young professionals.

He added: “Following the success of ‘HIVE Dubai’ and our expansion in the regional market with ‘HIVE Riyadh’, we are excited to bring this vision to Ras Al Khaimah, where we aim to establish an integrated community that inspires creativity and innovation.”

RAK Properties CEO Sameh Muhtadi said that their partnership with HIVE marks a key milestone in RAK Properties’ commitment to innovation and enhancing Ras Al Khaimah’s lifestyle and residential offerings. This integrated development, blending co-living and co-working spaces, sets a new benchmark for living and working environments in the Emirate.

We are creating vibrant communities that foster connection, growth, and ideas, positioning Ras Al Khaimah as a destination of choice for the next generation of entrepreneurs and innovators,” he added.