Stock - Aldar Nurai Island Resort
Aldar continues its third-party project buys, this time in Abu Dhabi itself. The Nurai Island Resort will go through a major refurbishment process. Image Credit: Supplied

Dubai: Aldar Properties has acquired another high-end development, buying out the luxury Nurai Island Resort and another two ‘new islands’ in the Abu Dhabi archipelago. These two islands are meant for villa projects.

At Nurai Island Resort, Aldar will undertake a refurbishment plan and extend the hospitality and F&B offering. “The acquisition allows Aldar to tap into an operational luxury offering that is highly attractive to select clientele,” said a statement.

Aldar had earlier bought the premium 715-key Rixos Bab Al Bahr in Ras Al Khaimah, thus ‘adding considerable weight and diversification to its hotel and hospitality portfolio’. (Aldar, incidentally, also bought a mall in Ras Al Khaimah at around the same time.)

“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,” said Jassem Busaibe, CEO at Aldar Investment. “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.”

“This acquisition provides us with an opportunity to develop ultra-luxury and premier beachfront homes that will generate significant international investment appeal,” said Jonathan Emery, CEO of Aldar Development. “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.”

Prime pick

A high-profile project completed in 2015, the Nurai Island is about two kilometres north of Saadiyat Island and accessible only by the sea. Apart from the resort, 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.