The real estate firm said today on the stock exchange that it has bought Nurai Island Resort and will construct two more islands to the northeast of the island.
Aldar, an Abu Dhabi-based developer, stated today (Friday) that it has purchased the Nurai Island Resort for an undisclosed amount and wants to build two other surrounding islands.
The business stated previously to the Abu Dhabi Securities Exchange (ADX) that the acquisition comprises Nurai Island Resort and two more new islands for residential development.
Aldar will renovate the old resort and expand its hospitality and food and beverage (f&b) offerings while building new islands with premium beachfront homes.
The business stated that the new development, its second hotel asset in the UAE after acquiring Rixos Bab Al Bahr in Ras Al Khaimah earlier this year, will appeal to exclusive clients.
“The multifaceted feature of the purchase provides us with tremendous opportunity for both development potential and operational improvements on an existing and ready-to-perform luxury asset,” said Aldar Investment CEO Jassem Busaibe.
“It also enables us to use our asset management and execution expertise to produce more value as we continue to deploy capital effectively and advance our ambitious development strategy.”
“This acquisition offers us a chance to create ultra-luxury and outstanding beachfront houses that will generate considerable worldwide investment appeal,” said Jonathan Emery, CEO of Aldar Development.
According to Emery, the islands will draw vacation home purchasers and buy-to-let investors.
Nurai Island, previously owned by Zaya and now led by Emirati entrepreneur Nadia Zaal, is located 2 kilometers off Saadiyat Island and is only accessible by boat. 2015 marked the completion of the island.
It contains Nurai Island Resort and third-party-owned water and estate villas, some of which, according to Aldar, is part of the hotel’s rental pool through rental pooling arrangements.
The transaction comes after Alpha Dhabi Holding said earlier this week that it had raised its investment in Aldar.
Source: Zawya
