It will have four lanes and serve 16,000 vehicles an hour in both directions.
The RTA added that the bridge will complete the Shindagha Corridor Improvement Project.
The Dubai Islands project will have direct entry and exit points on the Bur Dubai side through a bridge stretching across Dubai Creek between the Infinity Bridge and the Port Rashid Development Project.
RTA said the bridge rises 15.5 metres above Dubai Creek and features a 75-metre-wide canal that will allow ships to pass.
A dedicated cycling and pedestrian path will also be constructed on one side of the bridge, while an lift will be built to aid in the mobility of residents and tourists.
The project agreement was formalised on Wednesday by Mattar Al Tayer, the RTA's director general and chairman, and Mohammed Al Shaibani, chairman of Nakheel.
“This marks the second agreement under the initiative to provide entrances and exists leading to Dubai Islands, a venture RTA successfully undertook in partnership with Nakheel in 2020," said Mr Al Tayer in a statement.
“This project forms a key phase of Al Shindagha Corridor Improvement Project, one of the largest projects currently being undertaken by RTA with a total estimated cost of Dh5.3 billion.”
He added that the construction of 15 intersections spans 13km in total.
“The corridor serves Deira and Bur Dubai in addition to several development projects such as Dubai Islands, Dubai Seafront, Dubai Maritime City and Port Rashid,” he said.
The project will serve about one million people, he added, and slash travel time between the aforementioned projects from 104 minutes to 16 minutes by 2030.
“The time saved over 20 years will be worth about Dh45 billion,” Mr Al Tayer said.