Dubai Investments, a leading diversified investment company, has signed an agreement with Marjan, the master-developer of freehold properties in Ras Al Khaimah, to acquire land to develop a AED1-billion ($272 million) mixed-use beachfront residential, beach resort and lifestyle destination on Al Marjan Island.

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

 The project is designed to combine hospitality and residential elements inclusive of a beachfront resort, serviced apartments and villas, plus waterfront residential buildings, retail and food and beverage (F&B) components along with other recreational facilities.

 “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. Catering to the growing demand for such projects in Ras Al Khaimah and in line with strengthening Dubai Investments 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, providing a comfortable lifestyle seamlessly integrated with nature,” said Kalban.

To be situated on View Island, set at the heart of Al Marjan Island, the project’s design will offer a private enclave with waterfront views. Dubai Investments aims to promote the new project to serve as a benchmark in mixed-use infrastructure development, designed and developed to add long-term value to the economy of Ras Al Khaimah, it said.