Marjan, a developer of freehold properties in Ras Al Khaimah, has signed an agreement with diversified investment company Dubai Investments to develop properties with an outlay of AED1 billion ($272.49 million), according to an official statement.
As part of the agreement, they will be required to acquire land to develop a dynamic mixed-use beachfront residential, a beach resort and a lifestyle destination on Al Marjan Island.
The project is said to be designed to provide an amalgamation of hospitality, and residential elements inclusive of a beachfront resort, beachfront serviced apartments and beachfront villas plus, waterfront residential buildings, retail & F&B components, along with other recreational facilities.
It is designed to be situated on the View Island set at the heart of Al Marjan Island, according to the statement.
The project’s design is reportedly set to offer a private enclave with waterfront views, targeted at social gatherings, family unions, business meetings, or personal relaxation.
The agreement was signed by Khalid Bin Kalban, Vice-Chairman & CEO, Dubai Investments, and Abdulla Al Abdooli, CEO of Marjan.
The aforementioned statement quoted Khalban as saying that Dubai Investments was “optimistic this new project will further accentuate the well-being appeal.”
