Dubai Investments (DIC) has signed a deal with RAK-based developer Marjan to open AED 1 billion ($272 million) development on Ras Al Khaimah’s Al Marjan Island.

The development on the island, which is already home to international hotel brands including Rixos, Hilton and Accor, will feature a beachfront resort, serviced apartments, villas and residential buildings, as well as retail and F&B units.

The agreement was signed by Khalid Bin Kalban, vice chairman and CEO of Dubai Investments and Eng Abdulla Al Abdooli, CEO of Marjan. 

“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,” said bin Kalban.  

“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.” 

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.”

The DIC and Marjan deal follows RAK’s announcement earlier this year that it would invest $136 million in ‘experiential tourism’.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com

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