Dubai: Abu Dhabi's Aldar Properties is raising the size of its investments in Ras Al Khaimah to Dh1.5 billion, with the buy of a 715-room Rixos Bab Al Bahr resort for Dh770 million. Recently, Aldar acquired the Al Hamra Mall for Dh400 million.
The deals also allow Aldar additional development rights at both properties. As part of the Rixos Bab Al Bahr transaction, Aldar Investment secured rights for an additional 250,000 square feet of gross floor area (GFA) for residential and commercial use.
Jassem Busaibe, CEO at Aldar Investment said: “Ras Al Khaimah continues to rise in popularity as a tourist destination as international borders open and leisure travel returns - and we expect further upside as the Emirate executes on its strategy to become the regional leader in environmentally conscious tourism by 2025.
"With that in mind, we are pleased to add Rixos Bab Al Bahr to our portfolio of income-yielding hotel and hospitality assets."
Booked solid
Having opened in 2014, Rixos Bab Al Bahr features 715 keys and is among the resort attractions on Al Marjan Island, which itself has gained prominence as a staycation destination for UAE residents. "The property benefits from solid occupancy levels, with significant growth potential as the emirate rolls out progressive initiatives to advance tourism and position Ras Al Khaimah as an international leisure destination," said a statement.
The Ras Al Khaimah push is the first Aldar has made within the UAE outside of Abu Dhabi. The other big move has been in Egypt, where it bought a listed developer SODIC along with another Abu Dhabi enterprise ADQ.
Ras Al Khaimah has been gaining a lot of inward investor attraction, with the $6 billion plus Wynn Resorts committing to a project in the emirate. Another recent announcement was made by Dubai Investments, who is developing a Dh1 billion project.
