The agreement paves the way for “Aldar” to develop a premier residential project overlooking the waterfront, providing more than 2,000 apartments.
This move is in line with Aldar’s strategy for expansion and growth in Ras Al Khaimah, following its acquisition of Al Hamra Mall, Rixos Bab Al Bahr Hotel and DoubleTree by Hilton Marjan Island Resort & Spa.
Abu Dhabi, UAE: Aldar Properties (“Aldar”) today announced the acquisition of a prime waterfront plot of over 40,000 square meters in Al Marjan Island in the Emirate of Ras Al Khaimah. Aldar purchased the plot of land from Marjan Company, the main developer of freehold projects in Ras Al Khaimah, in preparation for the development of a unique residential project on the island.
Aldar intends to merge this land with another piece of land, which it bought as part of its acquisition of the Double Tree by Hilton Resort & Spa, Marjan Island, earlier this year, with the aim of creating a mixed-use creating residential community overlooking the Arabian Sea. Expected to launch in 2023, the project is the first luxury residential community developed by Aldar in Ras Al Khaimah and will feature a selection of 2,000 luxury apartments, a wide selection of retail space, a premium beach club and a 2km private beach.
About this agreement he said Talal Al Dhiyebi, CEO of Aldar Properties: “Ras Al Khaimah is an attractive market with many unique ingredients and capabilities for Aldar, thanks to its demographic composition, strong market fundamentals and well-established growth dynamics. The emirate is gaining momentum as an attractive destination for living and investment, benefiting from the return of activity to the luxury hospitality and tourism sector. And the continued efforts and initiatives undertaken to translate the emirate’s strategy to attract investment, residents and visitors. Thanks to this new agreement, which adds to our record of recent acquisitions in the emirate, we look forward to seizing the best growth opportunities in the emirate.”
Jonathan Emery, CEO of Aldar Development Company, for his part, said: “This acquisition provides us with an opportunity to participate in strengthening Al Marjan Island’s position as an attractive modern lifestyle destination through Aldar’s experience in the development of some of the most desirable communities in Abu Dhabi. This will be the first project Our residents are outside of our main market, and we are excited to launch a unique and successful product as well as contribute to attracting new international investors to the Emirate of Ras Al Khaimah.”
In turn, Eng. Abdullah Al-Abdouli, CEO of Marjan, said: “Al-Marjan Island is a world-class tourist destination that continues to attract the interest of a growing group of investors and operators from the region and across the territory. world. We continue our role in achieving the goals of the vision. Our wise leadership aims to consolidate Ras Al Khaimah’s position as one of the most preferred destinations for tourism, investment and luxury experiences in the region, and we are proud to achieve this. .Aldar’s agreement in Ras Al Khaimah to develop its first residential projects in the emirate reflects the high confidence that Al Marjan Island enjoys, as a leading destination on the map.Tourism and investment.
This transaction will contribute to the development of Al Marjan Island and consolidate its position as a prominent beach and entertainment destination, and confirms Aldar’s commitment to expand its growing investment portfolio in the Emirate of Ras Al Khaimah, which is an important real estate market with promising growth potential and supported by strong market fundamentals. The house therefore continues to expand, diversify and develop its investments in the emirate, following its recent successful acquisition of Al Hamra Mall, Rixos Bab Al Bahr Resort and Double Tree by Hilton Marjan Island Resort & Spa.
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For more information, please call the following numbers:
Obaid Al Yamahi
Aldar Property Company
+971 2 810 5555
Omar Abu Khadra
+971 4 560 9638
About Aldar Company
Aldar is a leading property development and management company in the UAE, with a diversified and sustainable operating model supported by two core businesses, Aldar Development and Aldar Investments.
Aldar Development Company continues its leading role in developing integrated communities that enrich the lives of residents across the most sought-after destinations in the Emirate of Abu Dhabi, including Yas Island, Saadiyat Island, Al Raha Beach and Al Reem- island. It also owns a land portfolio of 69 million square metres, comprising three business units: Aldar Projects, and will be responsible for managing the fee-based project management business unit, including a portfolio that includes civic housing and major infrastructure projects; Al Dar Al Riyada, which seizes new business opportunities and develops areas of innovation; and “Aldar Misr”, a platform that focuses on the promising and profitable Egyptian real estate market, as a major market for the development of integrated mixed-use communities.
Aldar Investments is the asset management unit of the Aldar Group, which includes a portfolio of 30 billion dirhams of real estate assets generating recurring income in the retail, residential, commercial, hotel and logistics assets. Aldar Logistics Assets owns a 70% interest in the Abu Dhabi Business Forum complex, which owns a complex of warehouses, offices and industrial facilities strategically located in the Industrial City of Abu Dhabi (ICAD), with a net leasable area of approximately 166,000 square meters. Aldar Investments also manages the three main platforms: Aldar Education, Aldar Properties and Aldar Hospitality and Entertainment.
The “Al Dar Education” platform includes a portfolio of educational assets that include approximately 33,000 students in 28 schools operated and managed by “Al Dar Education”, in addition to a growing network of 3,000 teachers serving more than 100 nationalities belong, and it accepts a wide range of educational curricula and additional services Like a teacher training academy.
While “Aldar Properties” integrates commercial and residential property operations within the portfolio of “Provis”, which specializes in property management, and also includes community management through an integrated property management platform. The Aldar Hospitality and Leisure Company is responsible for overseeing the hotel and leisure asset portfolio of Aldar, which is primarily located on Yas Island and Saadiyat Island, in addition to Ras Al Khaimah. Aldar’s hotel portfolio includes 13 hotels, with a total of 4,250 hotel rooms, in addition to managing operations across golf courses, beach clubs and marinas.
Aldar shares are listed on the Abu Dhabi Securities Exchange (trading code ALDAR: UH). The company’s business achieves stable recurring profits and revenues, and it has a broad and diversified shareholder base. Aldar accepts the best standards of corporate governance, and is committed to managing sustainable operations in the long term, in order to achieve continuous added value for its shareholders.
Aldar adopts an ambitious vision as it aims to be the most trusted developer and property manager in the region, playing a pivotal role in the development of high-quality and convenient destinations that meet the needs of community members and across the necessary ingredients and capabilities available for work, living and entertainment.