The government of Ras Al Khaimah (RAK) is negotiating with a series of potential partners to develop a manmade island off the coast of the emirate that had previously been earmarked to host a US $1 billion football-themed resort in partnership with Spanish club Real Madrid.
The island is one of four in the Al Marjan archipelago, and the last to be developed.
In 2012, the site made global headlines when Real Madrid signed a deal alongside the RAK government and the RAK Marjan Island Football Investment Fund to build a 50-hectare themed resort on the island, which would have included a stadium and museum dedicated to the club, as well as a marina and luxury hotel.
The ambitious project was scheduled to launch in January 2015.
However, construction never began and in September 2013, Real Madrid scrapped the plan, saying that the project organisers had defaulted on payments.