Source of Fate is the developer behind Miraggio and Sunshine Bay, two waterfront residential projects on Al Marjan Island in Ras Al Khaimah. The company is the real estate arm of the Wheel of Fate group, a Dubai conglomerate whose holdings span government service centres, automotive trading, F&B and general trading. Source of Fate itself was established in 2021 and is led by Dr Majid Jack Hsiung, an architect and engineer with 20 years of project experience across the Middle East and Asia.

The company broke ground on its first project, Sunshine Bay, in October 2024 — 240 residences over 12 floors on Al Marjan Island that went on to win Platinum in the Architectural Design category at the 2024 MUSE Design Awards. Its second project, Miraggio, launched in October 2025 as an AED 2.6 billion, 810-unit development beside the planned Wynn Al Marjan Island resort; construction started in January 2026 with half the units already booked off plan, 80 per cent of them to buyers from outside the UAE.

Al Marjan Island is a waterfront destination in Ras Al Khaimah developed by Marjan. The wider destination continues to add hospitality, leisure and residential projects — see our RAK real estate and Wynn casino guide for how the Wynn resort is reshaping the island.

Miraggio is the project currently featured by GRAF.

Miraggio, a residential project at Al Marjan Island

Al marjan islandResidencesRas al khaimahWaterfront

Who owns Source of Fate?

Source of Fate is the real estate arm of the Wheel of Fate group, a Dubai conglomerate whose own portfolio page states that Source of Fate was established in 2021. Dr Majid Jack Hsiung, an award-winning architect and engineer with 20 years of project experience across residential, retail, office and leisure work in the Middle East and Asia, leads Source of Fate as General Manager and was named among the Top 150 Real Estate Icons of the UAE for 2025. Wheel of Fate's own portfolio page names Moco Li as Group General Manager. Source of Fate has appointed the global consultancy Savills as its expert advisor.

Source: Wheel of Fate — Our Portfolio, the group's own site · Finance World Powerlist — Majid Jack Hsiung, Top 150 Real Estate Icons of the UAE 2025 · The National — Pioneering developer Source of Fate raising the UAE's luxury real estate bar higher, 25 November 2024 · GCC Business News — Source of Fate launches in UAE with almost $2.7bn pipeline, 25 September 2024

Track record

Buildings that made the name

  1. 01 Company launch Source of Fate announced itself on 25 September 2024 with a stated pipeline of almost AED 10 billion across five projects, two in Dubai and three on Al Marjan Island. Announced 2024
  2. 02 Sunshine Bay construction start Ground broken on 18 October 2024 on Al Marjan Island — 240 residences over 12 floors, AED 500 million, prices from AED 980,000, completion stated for Q1 2027. Under construction, due 2027
  3. 03 MUSE Design Awards Platinum Sunshine Bay took Platinum in Architectural Design — Conceptual at the 2024 MUSE Design Awards. The entrant was Mercurio Design Lab S.r.l. and the award record names Source of Fate as the client. Awarded 2024
  4. 04 Miraggio launch Launched on 1 October 2025 on the central islet of Al Marjan Island — 810 apartments from 420 to 3,026 sq ft, AED 2.6 billion, beside Wynn Al Marjan Island. Launched 2025
  5. 05 Miraggio construction start Construction commenced on 22 January 2026 with 50 per cent of units already booked off plan. Project consultant VX Studio, cost management HQS, engineering NEXT Engineering Consultant. Under construction 2026

Source of Fate track record

First completion due
Q1 2027
Sunshine Bay, on Al Marjan Island
Projects under construction
Two
Sunshine Bay, 240 residences, and Miraggio, 810 apartments, both on Al Marjan Island
Projects stated but not launched
Three
Two Dubai developments and one further Al Marjan project, from the launch statement of September 2024
Pipeline value published by the group
AED 6.4bn
Wheel of Fate portfolio page. The launch announcement of September 2024 gave almost AED 10bn; both are the group's own figures and are not reconciled

Source of Fate began selling in October 2024 and its earliest stated completion is Q1 2027, so the figures below are construction milestones, not a delivery count.Projects under construction and projects stated but not launched are read separately, each at its own stage. Figures are the developer's own unless a second source is named.

What Source of Fate is known for

Under construction
1,050 units across two Al Marjan Island projects
Sunshine Bay
240 residences, AED 500m, completion stated Q1 2027
Miraggio
810 apartments, AED 2.6bn, construction started January 2026
Miraggio off-plan take-up
50% booked before construction started
Miraggio overseas buyers
80%, led by the United Kingdom (November 2025)
Design award
MUSE Design Awards 2024, Platinum, for Sunshine Bay

Every figure is the developer's own except the MUSE award, which is taken from the award body's winner record.Both live projects are tracked here at the construction-milestone stage, ahead of their first handover.

Reaching 50 per cent off-plan bookings ahead of construction underscores a fundamental shift in buyer expectations.
Dr Majid Jack Hsiung General Manager, Source of Fate TradeArabia, 22 January 2026

Where Source of Fate builds

Al Marjan Island, Ras Al KhaimahApartmentsHandover in 2027

Current projects via GRAF

Miraggio — Al Marjan Island, Ras Al Khaimah

Miraggio

Al Marjan Island, Ras Al Khaimah

From AED 1.2M

View project →

How Source of Fate differs from other Dubai developers

Source of Fate concentrates on a single address, Al Marjan Island, and both of its live projects are already under construction with real demand behind them: Sunshine Bay carries a MUSE Design Awards Platinum, and Miraggio had half its units booked before construction even started.

Both live projects are physically under way
Established in 2021, the company broke ground on Sunshine Bay in October 2024 and on Miraggio in January 2026 — both are physically under construction, with completion stated from Q1 2027.
The whole build effort concentrates on one island
Both live projects sit on Al Marjan Island in Ras Al Khaimah, giving the company a single waterfront destination to execute rather than a spread portfolio across emirates.
The design carries an award before the building exists
Sunshine Bay won MUSE Design Awards Platinum in the conceptual category in 2024, entered by Mercurio Design Lab S.r.l., which publishes the project on its own site at 25,715 sq m.
Buyers are mostly foreign
80 per cent of Miraggio buyers were international as at November 2025, led by the United Kingdom, ahead of Turkey, Poland, France, the United States and India.
The developer sits inside a mixed conglomerate
Wheel of Fate's other holdings are government service centres, padel courts, luxury car trading, restaurants and general trading, not property.
Why GRAF recommends Source of Fate

Source of Fate suits a buyer choosing Miraggio on Al Marjan Island off plan, entering at the construction stage with a dated, verifiable groundbreaking already behind the price.

What the record shows
  1. Construction is physically under wayMiraggio broke ground on 22 January 2026, with 50 per cent of units already booked off plan by that date — a dated, verifiable construction milestone.
  2. Named consultants on the projectVX Studio as project consultant, HQS for cost management and NEXT Engineering Consultant on engineering, published by the developer in January 2026.
  3. A named neighbour with independent coverageMiraggio sits on the central islet of Al Marjan Island beside the Wynn Al Marjan Island resort, a location confirmed by multiple trade titles at the project's launch on 1 October 2025.

GRAF editorial team

Source of Fate — frequently asked questions

Who owns Source of Fate?

Source of Fate is the real estate arm of the Wheel of Fate group, a Dubai conglomerate that states on its own site that the developer was established in 2021 — see the ownership answer above for Dr Majid Jack Hsiung's background and Wheel of Fate's wider holdings.

Source: Wheel of Fate — Our Portfolio

When was Source of Fate founded and where is it based?

The company was established in 2021. Its parent, the Wheel of Fate group, publishes its address as The Gate Building, 11th Floor, DIFC, Dubai. Source of Fate's own LinkedIn page gives a company size of 11 to 50 employees.

Source: Wheel of Fate — Our Portfolio

Has Source of Fate delivered anything?

No. As at August 2026 no project has been handed over. The first building, Sunshine Bay on Al Marjan Island, broke ground on 18 October 2024 and completion is stated for Q1 2027.

Source: Khaleej Times — Source of Fate Properties breaks ground on debut Al Marjan Island project, 18 October 2024

What is Miraggio?

Miraggio is an AED 2.6 billion residential project on the central islet of Al Marjan Island in Ras Al Khaimah, launched on 1 October 2025. It holds 810 units — studios and one-, two- and three-bedroom apartments from 420 to 3,026 square feet — with a retail podium, an infinity pool and private beach lounges. Construction started on 22 January 2026.

Source: TradeArabia — Source of Fate launches $708m luxury development on Al Marjan Island, 1 October 2025

What is Sunshine Bay?

Sunshine Bay is Source of Fate's first project — 240 residences over 12 floors on Al Marjan Island, valued at AED 500 million, with prices from AED 980,000 and completion stated for Q1 2027. It was designed by the Italian studio Mercurio Design Lab, which publishes a gross floor area of 25,715 square metres and apartments turned 45 degrees to face the Gulf.

Source: Mercurio Design Lab — Sunshine Bay

Does Source of Fate build in Dubai?

Not yet. The launch statement of September 2024 named two residential developments in Dubai, and the Wheel of Fate portfolio page lists a high-end villa development in Meydan. No Dubai launch had been announced by August 2026. Both live projects are on Al Marjan Island.

Source: GCC Business News — Source of Fate launches in UAE with almost $2.7bn pipeline, 25 September 2024

Who buys from Source of Fate?

The company reported in November 2025 that 80 per cent of Miraggio buyers were international, led by the United Kingdom, then Turkey, Poland, France, the United States and India. By January 2026, 50 per cent of the project's units were booked off plan.

Source: Construction World — Source of Fate sees 80% overseas demand for Miraggio project, 29 November 2025

Guides that cover this developer

Ras Al Khaimah Real Estate 2026: Why Al Marjan Island Is the UAE's Fastest-Growing Market
Location Guide 10 min read

Ras Al Khaimah Real Estate 2026: Why Al Marjan Island Is the UAE's Fastest-Growing Market

The Wynn casino resort, an island whose land is already sold out, and a market telling two opposite stories at once. What is actually contracted on Al Marjan — and what we would buy.

Read
Top Dubai Real Estate Developers in 2026: A Complete Guide
Developers 11 min read

Top Dubai Real Estate Developers in 2026: A Complete Guide

Emaar, Meraas, Aldar, Sobha and Dubai South Properties — the five developers with the most projects GRAF sells, what each one actually does differently, and the real prices and handover dates behind them.

Read
Dubai Off-Plan Investment Guide 2026: Areas, Payment Plans & ROI
Investment Guide 12 min read

Dubai Off-Plan Investment Guide 2026: Areas, Payment Plans & ROI

The five decisions that actually determine what an off-plan purchase in Dubai returns — payment structure, who funds the amenity, the handover date, district supply and the exit — each shown against a real project.

Read
Official sources
Official websiteSource of Fate — official siteSource of Fate — LinkedInSource of Fate — InstagramSource of Fate — FacebookWheel of Fate — parent group
About this profile

Maintained by the GRAF editorial team from public sources and our own project data. Updated 20 August 2026. Contact us

Get the Brochure

We'll send it to your WhatsApp shortly.