(Bloomberg) -- An international luxury beach club is tying up with a United Arab Emirates-based developer to bring branded residences to Ras Al Khaimah, a city about 45 minutes from Dubai that’s increasingly positioning itself as a haven for high net worth individuals.
Ras Al Khaimah — RAK for short — is pursuing an ambitious strategy that’s luring five-star hotels, industrialists and adventure-seeking tourists from around the world. The new development by Aldar Properties and Nikki Beach Global will be located in Al Marjan Island, where Wynn Resorts is building a $3.9 billion gaming resort.
Read More: The Emirate Pitching Itself as the Next Haven for Billionaires
The firms plan to develop three residential buildings as part of a larger beachfront community in the area, with sales set to start this year. The homes will feature ocean views, and residents will have access to a wide range of facilities.
Famous for its raucous Miami and Saint Tropez beach clubs, Nikki Beach was set up in 1998 by entrepreneur Jack Penrod. It operates 11 beach clubs, five hotels and resorts — including one in Dubai — as well as a fashion division. Aldar is one of the UAE’s largest real estate developers.
Their new development comes on the back of two years of surging real estate prices in Dubai, which is now among the world’s hottest property markets. RAK, among the smaller of the UAE’s seven emirates, has ambitious plans to position itself as an alternative getaway to Dubai, analysts at Knight Frank have said.
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