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Dubai Investments, a diversified company in which the Investment Corporation of Dubai holds a stake, has begun construction on its Dh1 billion ($272 million) residential development in Ras Al Khaimah.
Dubai Investments announced on Thursday that its new project, called Danah Bay, on Al Marjan Island will consist of 337 units including 209 villas and 128 apartments. The project will also feature a 300-room, four-star hotel that will be managed by Millennium and Copthorne Middle East Holdings.
The company, however, did not provide a construction timetable for the project or how it plans to finance it.
“There is a huge interest for projects like these in the emirate and with attractive residency requirements, favourable property and business ownership terms coupled with the growing community of entrepreneurs and companies, we are positive that Danah Bay is only the beginning,” said Khalid bin Kalban, vice chairman and chief executive of Dubai Investments.
Dubai Investments has launched Danah Bay as the UAE property market recovers from the COVID-19 pandemic, thanks to government initiatives and other measures to support the economy. Other developers including Arada in Sharjah, Sobha Realty, Aldar Properties, Deyaar, and Damac Properties have also announced new projects in response to increased demand from buyers.
“As a master developer responsible for supporting Ras Al Khaimah’s diversification strategy and transforming the emirate into a sought-after destination for both residents and investors in varied sectors, this waterfront project builds on our commitment to deliver premium offerings to enrich the lifestyle of our diverse stakeholders,” said Abdulla Al Abdouli, chief executive of Marjan.
Dubai Investments Real Estate, a subsidiary of Dubai Investments, is developing the Danah Bay project on an area of approximately 86,000 square meters, including 40,000 square meters of beaches. AE Seven Morse Architecture and Engineering Consultancies has been appointed as the design and supervision consultants for the project.
Set up in 1995, Dubai Investments owns businesses such as Dubai Investments Park, venture capital company Masharie and Al Mal Capital.
Dubai Investments reported a significant increase in its third-quarter profit, reaching Dh1.12 billion, compared to Dh154 million in the same period the previous year. This increase was due to gains from the disposal of a controlling interest in a subsidiary and fair value gains on retained investments, as well as increased contract revenue and rental income during the period.