Aldar Properties has purchased two additional “new islands” on the Abu Dhabi island in addition to the luxurious Nurai Island Resort. The purpose of these two islands is to build villas.
Aldar will carry out a renovation plan at Nurai Island Resort and expand the hospitality and F&B selection. “The acquisition allows Aldar to tap into an operational luxury offering that is highly attractive to select clientele,” said a statement.
The luxurious 715-key Rixos Bab Al Bahr in Ras Al Khaimah was previously purchased by Aldar, “adding additional weight and diversification to its hotel and hospitality business.” In addition, about the same period, Aldar purchased a mall in Ras Al Khaimah.
“The multi-faceted element of the deal provides us with significant room for both development potential and operational improvements on an existing and ready-to-perform luxury asset,” said Jassem Busaibe, CEO at Aldar Investment. “It also allows us to leverage our asset management and execution capabilities to drive further value, as we continue to deploy capital effectively and drive forward with our ambitious growth agenda.”
“This acquisition provides us with an opportunity to develop ultra-luxury and premier beachfront homes that will generate significant international investment appeal,” said Jonathan Emery, CEO of Aldar Development. “Located just off the coast of Abu Dhabi, the unique nature of the islands will attract holiday home buyers as well as buy-to-let investors, who will command a premium for their properties within a niche section of the short-term letting market.”
The Nurai Island, a well-known undertaking that was finished in 2015, is located about two kilometers north of Saadiyat Island and is only reachable by sea. In addition to the resort, the island also has privately owned estate and water villas, some of which are included in the hotel’s rental pool through rental sharing agreements.