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The Ras al-Khaimah (RAK) government has signed a heads of agreement with Jordan-based Saraya Holdingsand Arab Bank for the development of a $500 million new residential and tourist development on the emirate’s coast. Known as Saraya Islands, the project is one of several new ambitious schemes planned in the emirate. Spread along three kilometres of coastline in the Jofar area, the development will feature 200 villas, several hotels, a golf course and a retail area, spread over 1 million square metres. The properties will be sold on a freehold basis to all nationalities, and will be serviced by the hotels.