Luxury

Source of Fate: Miraggio at Al Marjan Island

Source of Fate is the real estate arm of the Wheel of Fate group, a Dubai conglomerate that gives the developer's establishment year as 2021. Two projects are building on Al Marjan Island in Ras Al Khaimah — Sunshine Bay, 240 residences over 12 floors with completion stated for Q1 2027, and Miraggio, 810 apartments valued at AED 2.6 billion, on which construction started in January 2026 with half the units already booked off-plan.

Last verified: 20 August 2026

Active in Al Marjan IslandRas Al Khaimah

Source of Fate is associated with Miraggio, a residential project presented for Al Marjan Island in Ras Al Khaimah. The available public project information focuses on Miraggio and its island setting.

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, including the planned Wynn Al Marjan Island resort — see our RAK real estate and Wynn casino guide for how the resort is reshaping the island.

Miraggio is the project currently featured by GRAF. Residence types, payment milestones, availability and delivery timing should be confirmed against the latest dated developer material.

The public project material currently centres on Miraggio and its Al Marjan Island setting. This profile follows that project-first scope.

Miraggio, a residential project at Al Marjan Island

Al marjan islandResidencesRas al khaimahWaterfront

Who owns Source of Fate?

Legal ownership of Source of Fate is not publicly confirmed. The company 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. No shareholder register, audited account, prospectus or exchange listing was found for either company. Wheel of Fate publishes no chairman, no founder and no shareholder on its site; the only officer it names is Moco Li, Group General Manager. Dr Majid Jack Hsiung leads Source of Fate and is titled General Manager in every dated report from September 2024 to January 2026. A management title is not a shareholding.

Source: Wheel of Fate — Our Portfolio, the group's own site · GCC Business News — Source of Fate launches in UAE with almost $2.7bn pipeline, 25 September 2024 · Construction Business News Middle East — Source of Fate launches with almost AED 10 billion pipeline, 25 September 2024

Track record

Buildings that made the name

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
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
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
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
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

Projects handed over

None yet

The earliest stated completion is Sunshine Bay in Q1 2027

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 listed separately and are not added together. 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 Khaimah Apartments Handover in 2027

Current projects via GRAF

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 under construction, not just announced, 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 behind the price rather than a rendering alone.

What the record shows

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 milestone, not just a rendering.
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.
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?

Legal ownership is not publicly confirmed. 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. Neither company publishes a shareholder register and neither is listed on any exchange.

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

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

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

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 website Source of Fate — official site Source of Fate — LinkedIn Source of Fate — Instagram Source of Fate — Facebook Wheel 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