Dubai Investments, a diversified company in which the sovereign wealth fund Investment Corporation of Dubai holds a stake, has started construction of its Dh1 billion ($272 million) residential development in Ras Al Khaimah.
The new project, named Danah Bay, on Al Marjan Island, will have 337 units including 209 villas and 128 apartments, Dubai Investments said in a statement on Thursday. It will also have a 300-room, four-star hotel, which will be run 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.
The launch of the project comes as the UAE property market continues to recover from the coronavirus pandemic on the back of government initiatives and other measures to support the economy.
Other developers including Sharjah’s Arada, Sobha Realty, Aldar Properties, Deyaar and Damac Properties have also announced new projects amid higher 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 wholly owned subsidiary of Dubai investments, is developing the project, covering an area of about 86,000 square metres, with 40,000 sq m of beaches. It has appointed AE Seven Morse Architecture and Engineering Consultancies as design and supervision consultants.
Set up in 1995, Dubai Investments owns businesses such as Dubai Investments Park, venture capital company Masharie and Al Mal Capital.
The company reported a big jump in its third-quarter profit to Dh1.12 billion, compared with Dh154 million during the same period last year, on the back of gain on the disposal of controlling interest in a subsidiary and fair value gain on retained investment. Contract revenue and rental income also rose during the period.