Richmind Development is the developer of Oystra on Al Marjan Island in Ras Al Khaimah. Its own site gives the legal name Richmind Development FZ-LLC and describes the company as a business vertical of Richmind Holding, a private group registered at 207 Regent Street, London, which states on its own site that it was founded in 2005. No founding year is published for the UAE company itself, and the only officer named anywhere is Mohammad Rafiee, chief executive.
The company announced its entry into UAE development on 25–28 February 2025 and unveiled Oystra — 950 homes across four 20-storey waterfront towers, from one- to four-bedroom apartments through duplexes, penthouses and waterfront villas. Zaha Hadid Architects published the design under its own masthead on 12 May 2025, with practice director Christos Passas as design lead: balconies shaped to echo the ripples waves carve in sand, seawater-based cooling, an insulating cavity in the envelope and external solar shading tuned by digital analysis. The site runs to 128,000 square metres, of which 42,000 is landscaped gardens, courtyards, pools and a beach club. Interiors are by Hirsch Bedner Associates of London and landscape by Cracknell.
Nothing has been handed over. Phase 1, Tower C, was reported fully sold in early 2026, more than half of it to European buyers, and Phase 2 opened straight after with penthouses quoted at around AED 75 million. Handover is stated for 2029.
Al Marjan Island is a waterfront destination in Ras Al Khaimah developed by Marjan, and the arrival of the Wynn Al Marjan Island resort has reshaped what gets built there — see our RAK real estate and Wynn casino guide for that context.
Oystra is the project currently featured by GRAF. Residence types, payment milestones, availability and delivery timing should be confirmed against the latest dated developer material.
Oystra, 950 homes in four Zaha Hadid Architects towers on Al Marjan Island
