Abu Dhabi – Mubasher: Aldar Investment Properties (AIP), a subsidiary of Aldar Properties, has acquired the Rixos Bab Al Bahr beach property in Ras Al Khaimah in exchange for AED 770 million.
This acquisition will raise the company's total investments in Ras Al Khaimah to AED 1.5 billion, according to a recent press release.
As part of the transaction, Aldar Investment has been granted development rights for an additional 250,000 square feet of gross floor area (GFA) for residential and commercial use.
The CEO of Aldar Investment, Jassem Busaibe, said: "Ras Al Khaimah continues to rise in popularity as a tourist destination as international borders open and leisure travel returns, and we expect further upside as the Emirate executes on its strategy to become the regional leader in environmentally conscious tourism by 2025."
Busaibe added: "In addition to the transaction being value- and yield-accretive to our recurring-income generating portfolio, it allows us to build further scale and enhance diversification, which is a key tenet of our strategy going forward."
