The agreement will see Dubai Investments acquire land to develop a dynamic mixed-use beachfront residential, beach resort and lifestyle destination on Al Marjan Island.
Upon completion, the project will boast stunning views of the Arabian Gulf and will provide a new paradigm for Ras Al Khaimah and the region worth AED 1 billion. The project is designed to provide a perfect amalgamation of hospitality, and residential elements including a beachfront resort, beachfront serviced apartments and beachfront villas as well as waterfront residential buildings, retail and F&B components and other recreational facilities.
Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments PJSC, commented: “Dubai Investments is excited about this new venture as we believe Ras Al Khaimah is fast gaining traction as a hub for tourism in the region with the emirate’s government channelizing resources and investing in a range of wellness initiatives to leverage its natural assets.”
Meanwhile, Abdulla Al Abdooli, CEO of Marjan, added: “Al Marjan Island has become a preferred hub for visitors and investors from around the globe and we are looking forward to expanding our offering through world-class projects such as the one being developed by Dubai Investments.”
