UAE-based real estate company Major Developers has announced an AED1 billion ($272 million) luxury residential project in Ras Al-Khaimah, Emirates News Agency reported on Tuesday.

Manta Bay will mark the company’s first project in the emirate and represents a major investment in the region’s luxury market.

The company says the development, on the shores of Al-Marjan Island, is inspired by Manta Bay in Indonesia and will be the epitome of exclusivity. It is set to break ground by mid-2024.

“We anticipate that Ras Al-Khaimah will capture a substantial portion of the UAE’s real estate market, supported by its strategic location, extensive infrastructure enhancements and increasing demand,” said Naren Vish, Major Developers’ chief marketing officer, during a press conference at the JW Marriott Hotel Marina in Dubai.