HIVE has awarded the main construction contract valued at AED 160m for its HIVE & ENTA Mina development in Ras Al Khaimah to Ancient Builders Constructions LLC. Completion is targeted for the first quarter of 2028.
Ancient Builders will cover the new-build works, including MEP, external works and landscaping. Mobilisation was completed in July 2026. The development has a total estimated value of AED 260m and is backed by RAK Properties as joint venture partner and A.R.M. Holding, with HIVE as developer and operator.
The project will include 233 residential units across two towers, alongside a standalone co-working building. The development will feature two residential brands operated by HIVE – its Build to Rent HIVE brand and for-sale ENTA residences. HIVE Mina will feature 117 rental residences, which HIVE will retain and operate as professionally managed rental homes. ENTA Mina will include 116 homes for sale, marking the brand’s debut in the Ras Al Khaimah market.
The project will offer both rental and ownership options within the same development. The residential buildings will comprise G+2P+18 and G+2P+14 configurations.
The development will also include around 2,000 sqm of coworking space, marking HIVE’s first public workspace outside its flagship Dubai development. A further 300 sqm of retail space and an all-day eatery will form part of the scheme.
Bass Ackermann, CEO of HIVE, mentions the company is responding to growing demand for professionally managed rental and residential options in Ras Al Khaimah.
“Ras Al Khaimah’s fundamentals are among the most compelling in the GCC – mid-market supply is limited, demand is deepening, and Mina is fast becoming one of the country’s most sought-after waterfront addresses.
“With our financing committed and Ancient Builders Constructions mobilising on site, we are building exactly the homes this market is asking for, for renters and owners alike.”
Bass Ackermann, CEO, HIVE
Mina has been masterplanned by RAK Properties and has developed into a waterfront destination combining residential, hospitality and resort developments. HIVE & ENTA Mina will add a professionally managed rental component to the destination while expanding the range of homes available to buyers. Sameh Muhtadi, CEO of RAK Properties, added the project would broaden Mina’s residential offering.
“HIVE & ENTA Mina broadens the residential mix at Mina and brings a professionally operated rental offering to the destination for the first time.”
Sameh Muhtadi, CEO, RAK Properties
Mohammad Al Shehhi, CEO of A.R.M. Holding, also mentioned the investment reflects the company’s interest in residential concepts aimed at the next generation of UAE residents.
