Dubai Investments has signed a deal to create a AED1 billion ($272m) open mixed-use beachfront resort and residential development on Al Marjan Island.
The agreement with Marjan, the master developer of freehold properties in Ras Al Khaimah, will include a mix of hospitality and residential elements, including beachfront serviced apartments and villas, waterfront residential buildings, retail and F&B components along with other recreational facilities.
Khalid Bin Kalban, vice chairman and CEO, Dubai Investments, said: “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 channelising resources and investing in a range of wellness initiatives to leverage its natural assets.”
Al Marjan Island
The development will be situated on the View Island at the heart of Al Marjan Island.
“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,” added Eng. Abdulla Al Abdooli, CEO of Marjan.
Ras Al Khaimah’s tourism goals
Recently, Ras Al Khaimah Tourism Development Authority (RAKTDA) announced a Sustainable Tourism Destination Strategy, with plans to become the regional leader in environmentally conscious tourism by 2025.
The strategy maps out key steps for the emirate to secure long-term sustainability that will drive overall tourism growth objectives and contribute to climate change and environmental policy commitments.
Ras Al Khaimah recently announced 20 new sustainable tourism initiatives, marking an investment of half a billion dirhams in partnership with RAK Hospitality Holding and RAK Chamber of Commerce and Industry. The projects focus on nature, leisure, adventure, accessibility and authenticity.