Friday, May 20

UAE’s Aldar Properties buys beach property in Ras Al Khaimah


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DUBAI — Abu Dhabi’s Aldar Properties , through its investment arm, has acquired the “Rixos Bab Al Bahr” beach property in the emirate of Ras Al Khaimah for 770 million dirham ($210 million), it said on Friday.

The acquisition will bring its total investment in Ras Al Khaimah to 1.5 billion dirhams, including the earlier acquisition of Al Hamra Mall and additional development rights at both properties.

As part of the latest transaction, Aldar’s investment arm has secured development rights for an additional 250,000 square feet of gross floor area for residential and commercial use, it said.

In February, Aldar’s chief financial officer said it planned to spend at least 5 billion dirhams this year acquiring assets in the retail and education sectors that generate recurring revenues.

Hotel and casino operator Wynn Resorts has also announced plans to build a luxury resort in Ras Al Khaimah with a “gaming area.”

($1 = 3.6726 UAE dirham) (Reporting by Saeed Azhar Editing by Mark Potter)



financialpost.com