Emirates: Dubai Investments on Tuesday announced a Dh1 billion flagship project in Ras Al Khaimah to cater to growing demand of luxury properties in the UAE.

The leading investment company listed on the Dubai Financial Market launched a approximately 90,000 square metres (sqm) Danah Bay, a vibrant, mixed-use beachfront community and lifestyle destination on Al Marjan Island to capitalise on growth opportunities in the region. 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 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.

Khalid bin Kalban, vice-chairman and CEO of Dubai Investments, said region offers tremendous potential for the residential and hospitality sectors.

“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 investment property with breathtaking views of the sunrise, the Arabian Gulf and the expansive Ras Al Khaimah skyline. The project’s design promotes well-being, with aesthetics completing the landscape and offering lucrative investment opportunities to the 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 terrace, three-bedroom villas and four-bedroom beachfront villas along with 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 in future.

“We see there is a demand in the market and we will definitely launch new developments, but currently we are monitoring the mood of the market. 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 the emirates emerging economy. 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 listed on DFM with a paidup 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.