The new project will be situated on the View Island
Dubai Investments, a leading diversified investment company, has signed an agreement with Marjan, the master-developer of freehold properties in Ras Al Khaimah, to acquire land to develop a AED1 billion ($272 million) mixed-use beachfront residential, beach resort and lifestyle destination on Al Marjan Island.
The aim is for this project to serve as a benchmark in mixed-use infrastructure development, designed to add long-term value to the economy of Ras Al Khaimah.
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The agreement was signed by Dubai Investments vice chairman & CEO Khalid Bin Kalban and Marjan CEO Eng Abdulla Al Abdooli.
Speaking about the project, Kalban said: “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 channelling resources and investing in a range of wellness initiatives to leverage its natural assets.
“Catering to the growing demand for such projects in Ras Al Khaimah and in line with strengthening Dubai Investment’s real estate portfolio, with the addition of more high-end hospitality projects, the company is optimistic this new project will further accentuate the well-being appeal, providing a comfortable lifestyle seamlessly integrated with nature.”