Aldar Properties is set to refurbish Nurai Island Resort amidst the purchase of Nurai Island

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Amidst an ongoing demand for ultra-luxury real estate in the UAE, Aldar Properties has acquired the upscale island resort of Nurai Island, which is located a few miles north of Saadiyat Island. In addition, the master developer acquired 2 more islands within the Abu Dhabi archipelago for the development of high-end beachfront villas. It is worth noting that Aldar Properties did not reveal the value of the deal.

According to the statement released by the real estate giant, the exclusive beachfront hotel complex; Nurai Island Resort, located on Nurai Island, will be refurbished, while its hospitality and F&B offerings will be extended, in order to make it more attractive to selected clientele. This is the company’s first beachfront hospitality asset in Abu Dhabi and its second in the UAE. That being said, in April 2021, it bought Rixos Bab Al Bahr in Ras Al Khaimah in a AED770M (USD210M) deal.

When commenting on the purchase of Nurai Island, Aldar Development’s Chief Executive Officer, Jonathan Emery, said:

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.

Completed back in 2015, Nurai Island is a long-time favourite for wealthy holiday makers from all over the world. In order to provide the utmost privacy, the super-luxury development can be reached within a 10-minute boat ride, or by helicopter. Alongside the gorgeous resort mentioned earlier, the island is also home to third party-owned water and estate villas, a selection of which belong to the rental pool of the hotel, with rental-sharing contracts.

The multifaceted 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. 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

stated Jassem Busaibe, Chief Executive at Aldar Investment.

Last week, Alpha Abu Dhabi Holding, which is a subsidiary of International Holding Company, raised its stake in Aldar Properties, therefore, becoming a parent company of the largest listed developer in the UAE capital.

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