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Aldar had earlier purchased Ras Al Khaimah’s premium 715-key Rixos Bab Al Bahr, thus “adding considerable weight and diversification to its hotel and hospitality portfolio”. (Aldar also bought a mall in Ras Al Khaimah around the same time, by the way.)
“The multifaceted elements of this transaction provide us with significant growth potential and operational improvement to improve existing and ready-to-execute luxury assets,” said Jassem Busaibe, CEO of Aldar Investment. “It also enables us to leverage our asset management and execution capabilities to drive further value as we continue to deploy capital efficiently and drive our ambitious growth agenda.”
“This acquisition provides us with the opportunity to develop ultra-luxury and first-class waterfront residences that will generate significant international investment appeal,” said Jonathan Emery, chief executive of Aldar Development. “The islands are located in Abu Off the coast of Dhabi, the unique nature will attract holiday home buyers as well as buy-to-let investors who will command a premium for their properties in a niche segment of the short-term rental market.”
Nurai Island, a high-profile project completed in 2015, is located approximately 2 kilometers north of Saadiyat Island and is only accessible by sea. In addition to the resort, the island also includes third-party-owned overwater villas and manor villas, some of which are part of the hotel’s rental pool with rent-sharing agreements.
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