A new development company has revealed plans for a nine billion dirham ($2.4 billion) project in Ras Al Khaimah.

Solanki Holdings, a UAE-based conglomerate, has announced that its newest company, Solanki Real Estate, is planning a total investment of 12 billion dirhams in the sector. The flagship venture is a development on Ras Al Khaimah's scenic Al Marjan Islands, company chiefs said.

The community will comprise of residential villas and apartments, commercial property and hotels. It will also include an elaborate shopping mall, with various entertainment options and retail offerings at par with those in Dubai.

The development is a part of the initiative by the group to extend the scope of medium to high-end properties offered in the country to the Northern Emirates.

Despite the current crisis faced by the real estate market, Solanki chief say they are confident regarding its choice of time to launch.

They said business activity has been on the rise in Ras Al Khaimah, with the RAK Free Trade Zone being one of the fastest growing free trade zones in the country.

And the Ras Al Khaimah government has predicted that its population will go from just under 200,000 to 750,000 by the year 2020.

Abdulrahman Ismail Solanki, chairman of Solanki Holdings, said: "Ras Al Khaimah's spectacular Al Marjan Islands were an obvious location choice for us, serving as a beautiful backdrop for a mixed-use community while giving us the opportunity to cater to the emirate's growth in terms of commercial activity, tourism and population."

Following the launch of the Al Marjan Islands project, Solanki Holdings plans to extend its real estate offerings to other emirates, starting with Dubai, including International City, Dubai Silicon Oasis, Dubailand and Jumeirah Village.