UAE’s Aldar boosts its hospitality portfolio through Rixos Bab Al Bahr deal

UAE’s Aldar boosts its hospitality portfolio through Rixos Bab Al Bahr deal

Abu Dhabi-based real estate developer, Aldar Properties, through its Aldar Investment business, has acquired the all-inclusive Rixos Bab Al Bahr Beach property in Ras Al Khaimah for $209.59 million.

The acquisition adds to Aldar Investment’s growing hospitality and leisure portfolio, with a total investment of $408 million in Ras Al Khaimah, including the previously acquired Al Hamra Mall and additional development rights to both properties.

As part of the Rixos Bab Al Bahr transaction, Aldar Investment has secured development rights for an additional 250,000 square feet of gross floor area (GFA) for residential and commercial use.

Jassem Busaibe

CEO – Aldar Investment “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. With that in mind, we are pleased to add Rixos Bab Al Bahr to our portfolio of income-yielding hotel and hospitality assets.”

“The acquisition is underpinned by the tremendous potential of the Emirate as a tourist hub, our robust asset management capabilities as well as the strong operating fundamentals and mature nature of the asset itself. In addition to the