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More investments in real estate and hospitality are trickling in, with Aldar Properties committing yet more funds to its hotel portfolio and a new Dubai-based real estate player planning some USD 2.7 bn projects across the UAE.
Aldar Properties to invest in hotel revamps-
Aldar Properties is committing AED 1.5 bn to expand and revamp its hotels in Abu Dhabi and Ras Al Khaimah, the developer said in an ADX disclosure (pdf). The developer plans to introduce new luxury brands to the capital, the statement said, without disclosing a timelines for any of the projects.
The Abu Dhabi upgrades:
- The six-hotel complex known as the Yas Plaza Hotels will become the world’s largest Vignette Collection resort, dubbed Straylight Yas, featuring a private beach and new beachfront suites;
- Nurai Island will undergo “major refurbishment and expansion” into the largest resort in the region, with upgraded villas, F&B options, and luxury facilities;
- Tilal Liwa in Al Dhafra will also be rebranded under the Vignette Collection, and will feature new luxury suites, desert experiences, and upgraded F&B offerings, kids club, and spa facilities;
- The Eastern Mangroves hotel will be upgraded to focus on luxury rooms and suites, as well as leisure and event facilities and new luxury residential and retail offerings, and will be rebranded as the Waldorf Astoria Abu Dhabi through a Hilton partnership;
In Ras Al Khaimah: Aldar will upgrade its Rixos Bab Al Bahr and DoubleTree by Hilton Resort & Spa Marjan Island with phased renovations to guest rooms and public spaces.
ICYMI- Aldar has kicked up its efforts to diversify its portfolio: Last week, it teamed up with Mubadala on four joint ventures to develop and manage real estate in Abu Dhabi worth AED 30 bn. Earlier this year, Aldar set aside AED 1 bn to expand its logistics operations in Abu Dhabi and Dubai, and AED 5 bn for commercial, retail, and hospitality assets set to open between 2025 and 2027. In July, it also committed AED 1.8 bn to bolster its commercial presence in key Dubai business districts. The developer also plans to launch a Nobu Hotel on Saadiyat Island, slated for handover in 2027.
New Wheel of Fate real estate unit to invest in Dubai, Ras al Khaimah-
Source of Fate will pour AED 10 bn into UAE real estate developments: The new real estate arm of the Dubai-based conglomerate Wheel of Fate, Source of Fate, is planning to invest USD 2.7 bn in five new real estate projects across the UAE, Arabian Business reports, citing a press release. The projects include two residential developments in Dubai and three projects on Al Marjan Island in Ras Al Khaimah.
What we know: The company will focus on luxury properties, with off-plan sales to brokers, real estate investors and prospective homeowners taking place over the coming months, General Manager Majid Jack Hsiung stated.
ADVISORS- Source of Fate appointed real estate consultant Savills as an advisor on its expansion plan.
