Spanish football club Real Madrid have announced plans to build a AED3.67bn ($1bn) 430,000-square-metre sports scheme in the northern emirate of Ras al-Khaimah.

The Real Madrid Resort Island will be located on the Al-Marjan island development in Ras al-Khaimah and will contain a 10,000-seat stadium. In addition to the stadium, the development will contain associated sports facilities, club museum, shopping mall, private beaches and residential areas. The five-star hotel will contain 450 rooms, and there will be 84 villas, each covering an area of 600 sq m.

The project is to be funded jointly by Real Madrid and the RAK Marjan Island Football Investment Fund.

The Marjan Island scheme is being developed by Ras al-Khaimah Investment Authority (Rakia) and is the first man-made island in the northern emirates. Land reclamation on the project was completed in 2009 and the island covers a total area of 2.7 million sq m. The Real Madrid sports development will provide a welcome boost to the Marjan Island Development, which has suffered from slow progress since the UAE’s real estate market crashed in 2009.