The Spanish football club had signed a deal with the RAK government and the RAK Marjan Island Football Investment Fund to build a 50-hectare themed resort on the man-made island.
While it had been scheduled for completion in January 2015, the plans were shelved last year and the RAK authorities are negotiating with new partners for the project.
However, speaking at the club’s general assembly recently, Real Madrid president Florentino Perez indicated that it still had ambitions for the UAE, Sport 360 reports.
“We're getting there,” he said. “There has never been any economic cost to us. But instead of doing it in a small Emirate, we're trying to do it in a location in Abu Dhabi.
"We are continuing to advance plans for a theme park where the experience of living Real Madrid will be unique."
This comes amid rumours that the club is preparing to sell naming rights to IPIC (International Petroleum Investment Company), which is owned by the royal family of Abu Dhabi.
According to Marca, which closely follows Real Madrid developments, the rights could be sold for up to €500 million over 20 years.
Earlier this year, the world’s first ever Real Madrid Café opened in Jumeriah Beach Residence in Dubai.
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