Construction Week published a feature on 15 October 2026 in which Richmind CEO Mohammad Rafiee shared his view of Ras Al Khaimah's next phase of growth, and the role Oystra will play in it.
Rafiee describes an emirate on the edge of a change that, in his words to the magazine, is still not fully understood. Here are the main points.
Why 2027 Matters for Ras Al Khaimah's Next Phase of Growth
Rafiee expects 2027 to be a turning point. Wynn Al Marjan Island is scheduled to open in September 2027, and new infrastructure and attractions will make the emirate's transformation easier to see.
Compared with more mature markets, he believes Ras Al Khaimah lets people take part at an earlier stage of a destination's story. Its waterfront, mountains and desert give it a distinct identity, and its closeness to Dubai adds to its appeal.
Hospitality as the Main Driver
Rafiee sees hospitality as the strongest short-term driver for the emirate. It brings international visitors, supports demand for homes and creates opportunities across the economy.
He also points to growth beyond real estate, from industrial investment to new business districts, with the magazine mentioning RAK Central's planned Grade-A offices.
He adds that the emirate's closeness to Dubai appeals to both international buyers and UAE residents, and sees room for business and financial services to grow as the economy develops.
How Oystra Was Designed
Oystra is Richmind's first project in Ras Al Khaimah. According to the feature, around 18 months went into the design alone.
The aim from the start was a lasting landmark. Construction Week quotes the goal as "an original, one-of-a-kind design: a liveable sculpture with a clear architectural identity".
- Zaha Hadid Architects leading the architecture
- HBA on interiors and Cracknell on landscape
- Dewan Architects + Engineers leading design consultancy
- 12 additional specialist consultants
- Four interconnected towers with more than 800 residences
- Completion targeted for 2029
Built as One Experience
Rafiee explains that architecture, interiors, landscape and hospitality at Oystra are planned together. The project will include a beach club, a sky restaurant, a 360-degree rooftop infinity pool and valet parking, with dining venues planned around international brands.
On the technical side, Building Information Modelling helps the teams coordinate and solve problems before construction, reducing rework. Energy and water efficiency, durability and easy maintenance are also priorities.
Beyond the Building
Rafiee told Construction Week that Oystra's impact will reach beyond its site. During construction it supports consultants, contractors, suppliers and jobs. Once open, its hospitality venues and residential services will create ongoing work and business activity.
He also sees trust as part of the product. Clear communication, steady construction progress and attention to detail, he says, help buyers understand the quality they are paying for.
A Selective Approach to Growth
Rafiee says Richmind will only announce new projects when the location, design idea, commercial basics and partners all line up. His aim is a legacy of original architecture and consistent quality.
For recent progress on site, read about the completed Oystra shoring works.
FAQs
Why does Rafiee see 2027 as important for Ras Al Khaimah?
Wynn Al Marjan Island is scheduled to open in September 2027, alongside new infrastructure and attractions that will make the emirate's growth more visible.
How many homes will Oystra have?
Construction Week reports that Oystra is being developed across four interconnected towers with more than 800 residences, including apartments, penthouses and waterfront villas.
How does Richmind decide on new projects?
Rafiee says new projects will only be announced when location, design, commercial fundamentals and partners are aligned.
Construction Week published this article on 15 October 2026. Use the button below to read the full piece on the Construction Week website.
