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Dubai Investments on Tuesday announced a Dh1 billion flagship project in Ras Al Khaimah to cater to the growing demand for luxury properties in the UAE.
The Abu Dhabi-listed company will develop a 1,000-room resort on a 1 million-square-foot site overlooking the Arabian Gulf on Tuesday.
The leading investment company listed on the Dubai Financial Market launched approximately 90,000 square metres (sqm) in Danah Bay, a vibrant, mixed-use beachfront community and lifestyle destination on Al Marjan Island, to capitalise on growth opportunities in the region. The total area of beaches is estimated at 40,000sqm.
The project includes luxury townhouses and villas, residential waterfront apartments, an upper-scale 4-star hotel resort and a community retail facility. The hotel will have 300 keys, a beach resort and serviced apartments.
The construction is expected to start by the end of this year, and its first phase will be completed by December 2024.
“Ras Al Khaimah is a growing destination, and it has natural resources that appeal very clearly to diverse segments and people from around the world,” chief executive Khalid Anib told The National on the sidelines of the Future Hospitality Summit on Tuesday.
“The infrastructure in Ras Al Khaimah today supports big projects … It’s a part of the UAE, and as a national company, we believe in the prospects of Ras Al Khaimah, and we want to be a part of that growth.”
“The investment by ADNH to develop a luxury resort in Al Marjan Island reflects its confidence in the potential of the destination and will catalyse additional investments.”
“We have announced this integrated beach community in Ras Al Khaimah that will capitalise on the lucrative opportunities of the emirate, creating a benchmark in mixed-use development and providing a long-term value to the economy,” Kalban said at the launch event in Dubai on Tuesday.
Danah Bay is a freehold project designed as an ideal choice for a holiday home, a primary residence or an investment property with breathtaking sunrise views of the Arabian Gulf and the expansive Ras Al Khaimah skyline. The project’s design promotes well-being and aesthetics, completing the landscape and offers lucrative investment opportunities to investors.
“Benefiting from the Group’s resilient business model, supporting diversification through unique investments, Danah Bay is a step forward in strengthening the group’s real estate portfolio and expanding presence regionally,” Kalban said.
Danah Bay offers a variety of freehold residential options, including stunning two-bedroom townhouses with roof terraces, three-bedroom villas and four-bedroom beachfront villas, and waterfront residential apartments. It also offers waterfront residential apartments from studio to four-bedroom.
In reply to a question, Kalban said Dubai Investments is in talks with the Ras Al Khaimah government to acquire more land in the emirate to launch some unique developments.
“We see a demand in the market, and we will definitely launch new developments, but currently, we are monitoring the market’s mood. At present, our primary focus will remain on Danah Bay,” he said.
The Dubai Investments executives said Danah Bay is set to benefit from Ras Al Khaimah’s attractive residency requirements, favourable property market, and emerging economy emirates. They said the project is strategically located – 50 minutes from Dubai International Airport, 60 minutes from Downtown Dubai, 30 minutes from Ras Al Khaimah Airport and 30 minutes from Ras Al Khaimah City Centre.
Dubai Investments, established in 1995, is one of the largest investment companies in the UAE and is listed on DFM with a paid-up capital of Dh4.25 billion and total assets worth Dh22 billion.
The company’s diverse portfolio consists of 34 wholly and partly owned companies with a diversified portfolio of business in key sectors such as real estate, building materials, construction and contracting, financial services, healthcare and education, among others.