Project will comprise residential elements, a beachfront resort as well as retail and F&B components
A $272m mixed-use beachfront residential, beach resort and lifestyle destination will take shape on Al Marjan Island, following a land acquisition deal that Dubai Investments signed with Ras Al Khaimah-based master-developer Marjan.
The agreement was signed by Khalid Bin Kalban, vice chairman & CEO of Dubai Investments and Eng Abdulla Al Abdooli, CEO of Marjan.
According to a statement, the project will be designed to provide a perfect amalgamation of hospitality, and residential elements inclusive of a beachfront resort, beachfront serviced apartments and beachfront villas plus waterfront residential buildings, retail and F&B components along with other recreational facilities.
“Dubai Investments is excited about this new venture as we believe Ras Al Khaimah (RAK) 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. 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,” explained Kalban.
The project will take shape on View Island, which sits at the heart of Al Marjan Island. It will serve as a private enclave with water-front views, providing a perfect gateway for social gatherings, family unions, business meetings or just personal relaxation, set amidst a conducive environment, the statement noted.
Eng Al Abdooli 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. This will further support Ras Al Khaimah’s positioning as a vibrant tourism, hospitality and residential destination – inspired and guided by the vision of our leadership.”
Dubai Investments aims to promote the new project to serve as a benchmark in mixed-use infrastructure development, designed and developed to add long-term value to the economy of Ras Al Khaimah, the statement concluded.