Dubai: Abu Dhabi's Aldar Properties is continuing its investment spree in Ras Al Khaimah, this time through a prime beachfront plot of 40,000 square metres plus on Al Marjan Island. Earlier, the former had bought two upscale resorts in the northern emirate.
The land was bought from Marjan, the RAK master-developer, and 'paves the way for a unique residential development' on Al Marjan Island. In fact, Aldar plans to combine the plot acquired from Marjan with existing land that came as part of its buy of DoubleTree by Hilton Resort & Spa Marjan Island earlier this year to develop a mixed-use residential community.
Set to launch in 2023, the new project will be Aldar’s first residential community in Ras Al Khaimah. There will be over 2,000 branded premium residences with access to retail spaces, a beach club, and 2 kilometres of private beach.
Talal Al Dhiyebi, Group CEO at Aldar Properties, said: “Ras Al Khaimah continues to represent an attractive market for Aldar, driven by the Emirate’s demographics, strong market fundamentals and dynamics. Its appeal as an investment and living destination continues to grow, benefiting from the return of leisure travel and the continued efforts and execution of the emirate’s strategy to attract investment, residents, and visitors.
"With this new land deal and our recent acquisitions, we are excited about Aldar’s growth potential in the market.”
Aldar's RAK portfolio features the Al Hamra Mall, Rixos Bab Al Bahr and DoubleTree by Hilton Resort & Spa Marjan Island.
Year of deals
Aldar has been on an investment overdrive this year, taking it to Egypt and building a sizeable asset and land portfolio in Ras Al Khaimah. It has also been busy in its home base, acquiring Nurai Island development and four signature towers at Abu Dhabi Global Market in the biggest commercial real estate transaction to date.
The new deal 'provides us with an opportunity to add to Al Marjan Island’s appeal as a lifestyle destination by bringing Aldar’s expertise in developing some of the most sought-after communities in Abu Dhabi," said Jonathan Emery, CEO at Aldar Development. "This will be our first residential development outside of our home emirate, and we are excited to deliver a product that is unique and aspirational, while attracting new international investors to Ras Al Khaimah.”