ALDAR EXPANDS ITS PORTFOLIO WITH ACQUISITION OF LUXURY ISLANDS
Transaction includes:
- One-of-a-kind, exclusive, and luxury beachfront hotel, Nurai Island Resort
- Two new islands to be located northeast of Nurai Island
Abu Dhabi – UAE, 1 July 2022: Aldar Properties PJSC (“Aldar”) has added a complementary luxury asset to its hospitality portfolio with the acquisition of Nurai Island Resort, as well as two additional new islands within the Abu Dhabi archipelago that are intended for residential development.
The transaction includes Nurai Island’s one-of-a-kind and exclusive beachfront hotel, Nurai Island Resort, where Aldar will undertake a refurbishment plan and extend the hospitality and F&B offering. The acquisition also includes two new islands envisioned to be developed with high-end luxury beachfront villas.
The acquisition allows Aldar to tap into an operational luxury offering that is highly attractive to select clientele. It represents the company’s first beachfront hospitality asset in Abu Dhabi and its second in the UAE – following the acquisition of the 715-key ultra-all-inclusive Rixos Bab Al Bahr in Ras Al Khaimah – adding considerable weight and diversification to its hotel and hospitality portfolio.
Jassem Busaibe, Chief Executive Officer at Aldar Investment, said: “Nurai Island Resort adds a new dimension to our hospitality portfolio, catering to local and international visitors seeking a world class ultra-luxury experience. 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. 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.”
Commenting on the island’s development potential, Jonathan Emery, Chief Executive Officer at Aldar Development, said: “This acquisition provides us with an opportunity to develop ultra-luxury and premier beachfront homes that will generate significant international investment appeal. 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.”
Completed in 2015, Nurai Island is a private island located approximately two kilometres north of Saadiyat Island and is accessible only by sea. The island includes Nurai Island Resort, an exclusive luxury holiday destination which also caters to day visitors and features several amenities including a private beach, four food and beverage outlets, two bars, a swimming pool, a spa, a book cellar, a kids club, an outdoor tennis court, a beach club and a water sport centre. The island also includes third-party owned water and estate villas, a selection of which form part of the hotel’s rental pool with rental sharing agreements.
