Hotel owner and asset manager Abu Dhabi National Hotels (ADNH) has announced plans to build a luxury resort on Al Marjan Island in Ras Al Khaimah for an investment of more than AED1 billion ($272 million).
The UAE-listed company, one of the biggest hotel owners in Abu Dhabi, has already acquired a prime plot for the project, according to a statement on Tuesday.
The investment is expected to create strong returns to the company's shareholders and further strengthen the UAE's position as a "leading travel and hospitality destination," according to Khalid Anib, CEO of ADNH.
Al Marjan Island is home to more than 3,000 hotel rooms and sandy beaches stretching over 7.8 kilometres.
ADNH's net profit attributable to shareholders reached AED262.73 million in the first half of the year, more than triple the previous year's AED75.04 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)