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Dubai Investments to develop AED 1bn beachfront resort, residential development

Dubai Investments to develop AED 1bn beachfront resort, residential development
The project will include a beachfront resort, serviced apartments
Dubai Investments
DIC
-0.52% 1.93 -0.01

Dubai – Mubasher: Dubai Investments has inked an agreement with Marjan, a freehold properties developer in Ras Al Khaimah, to purchase land to set up mixed-use beachfront residential, beach resort, and lifestyle destination on Al Marjan Island at a total value of AED 1 billion.

The project will include a beachfront resort, serviced apartments, and villas plus, waterfront residential buildings, retail & F&B components, and other recreational facilities, according to a press release on Tuesday.

The Vice-Chairman and CEO of Dubai Investments, Khalid bin Kalban, announced: "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."

Meanwhile, the CEO of Marjan, Abdulla Al Abdooli, said: "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."