06 July 2022 – ARAB NEWS – www.arabnews.com
DUBAI: Aldar Properties, an Abu Dhabi developer, acquired two islands for residential development and the Nurai Island Resort hotel.
The purchase came after acquiring land on Saadiyat island worth 3.7 billion dirhams ($1 billion) to build 2,700 units with a gross development value of 15 billion dirhams, according to MEED.
In addition, Aldar plans to renovate and expand the hotel. The two new islands purchased in Abu Dhabi will be used to build high-end luxury beachfront villas.
Along with the hotel, Nurai island includes water and estate villas owned by third parties.
In February and March, Aldar acquired Rixos Bab Al-Bahr resort and Al-Hamra mall in Ras Al-Khaimah for 410 million dirhams and 770 million dirhams, respectively.