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Al Marjan Island in Ras Al Khaimah accommodates numerous flagship resort projects. Aldar purchased two of them in this northern emirate in the hopes of further growth and development of the hospitality industry.
Content:
A responsible step on the path to universal development
Aldar Properties from Abu Dhabi purchased its second major project in Ras Al Khaimah, this time with the family-friendly DoubleTree by Hilton Resort & Spa Marjan Island and the adjacent seaside development plot for AED 810 million. The first project included Rixos Bab Al Bahr (a luxury beach resort) and Al Hamra Mall in this northern emirate.
Aldar’s latest transaction brought the total value of investment in Ras Al Khaimah to AED 2 billion, all of it invested this year.
“The maturity of this five-star property complements our existing selection of properties in Ras Al Khaimah that is still a sustainable hospitality and tourism market with a great growth potential aligned with the emirate’s goal of attracting 3 million visitors per year by 2025,” says Jassem Busaibe, CEO at Aldar Investment.
Higher level of hospitality
The deal with DoubleTree by Hilton considerably expands Aldar’s hotel portfolio that currently includes over 4,250 key assets. Real estate whose occupancy rate exceeds the market average is located in the first part of Al Marjan Island.
Jassem Busaibe, CEO at Aldar Investment, declared: “Even though this acquisition increases the company’s value and profitability, we still see opportunities for additional growth by utilizing our scale and efficiently tapping into asset management capabilities.”
Jahed Rahman, Chief Investment Officer at Aldar Investment and Chairman of the Board at Aldar Hotels & Hospitality, emphasized: “With these investments, we have not only expanded our portfolio of assets generating stable income but also enabled Aldar to capture a great share of the growing Ras Al Khaimah market through additional rights for development in the emirate. This acquisition complements the significant investment we have already made in our stable-income businesses this year. We continue to assess and utilize the opportunities of attracting additional capital as we ramp up the implementation of our growth strategy and increase the value of our platform.”
