Abu Dhabi-listed RAK Properties and Dubai-based Ellington Properties have signed an agreement to develop a residential beachfront project on Hayat Island in Mina Al Arab, Ras Al Khaimah.

The deal marks the Dubai-based developer’s entry into the emirate. 

The apartment project will have high-end restaurants at ground level and resort-style amenities, the developer said in a joint statement.

No details on the project’s cost, completion timeline and number of apartments were not given.

The new project forms part of RAK Properties’ broader master plan for Hayat Island alongside Angel Bay, an outdoor leisure destination, housing clubs, restaurants, activities and entertainment.

Last month, RAK Properties launched Bayviews Residences, a beachfront development on Hayat Island. The developer has developed over 3,000 residential units, 372,000 square feet of office space and 260,000 square feet of retail projects so far.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)