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Architecture

Al Marjan Island to host new 1,000 room luxury resort

September 22, 2022 foasummit0

Abu Dhabi National Hotels (ADNH) has acquired a prime plot on Al Marjan Island in Ras Al Khaimah to develop a $272mn luxury resort with 1,000 rooms, spread over one million sqft.

The move highlights the appeal of Al Marjan Island as a foremost UAE tourist destination, with several global hotel operators already making significant investments, said ADNH, an operator of hotels, catering, tours and transportation.

“Ras Al Khaimah’s strength is its fully diversified economy with the leadership focused on promoting trade, tourism, hospitality, and manufacturing. Over the years, the emirate has strengthened its reputation as an investment, hospitality, and tourism hub, attracting high-profile investments and featuring world-class assets,” said Abdulla Al Abdooli, CEO of Marjan.

In January 2022, Marjan said it was joining forces with casino player Wynn Resorts to bring a gaming resort to Ras Al Khaimah. In April 2022, RAK Hospitality sold Rixos Bab Al Bahr Ras Al Khaimah to Aldar Properties for $209.6mn.

He added, “Marjan continues to establish high-end projects in the hospitality, leisure and sports sectors to support the destination strategy of the emirate. The investment by ADNH to develop a luxury resort in Al Marjan Island reflects its confidence in the potential of the destination and will catalyse additional investments.”

Khalid Anib, CEO of ADNH stated, “At ADNH, we are confident that our investment in Ras al Khaimah will create strong returns to our shareholders and enhance the UAE as a leading travel and hospitality destination. This luxury resort will complement our existing portfolio across Abu Dhabi and Dubai.”

Al Marjan Island is said to have more than 3,000 hotel rooms, including the Hampton by Hilton Marjan Island, Mövenpick Resort Al Marjan Island, Rixos Bab Al Bahr Hotel, DoubleTree by Hilton Resort & Spa Marjan Island and Marjan Island Resort and Spa. It’s become a destination offering strong lifestyle experiences with pristine beaches stretching over 7.8km, along with a 23km waterfront, the statement concluded.

In May 2022, HKS Architects was appointed as the design consultant for Wynn Resorts on Al Marjan Island while, in August 2022, CBRE said that it advised Aldar Properties on a $221mn RAK hospitality deal.

The post Al Marjan Island to host new 1,000 room luxury resort appeared first on Middle East Construction News.


Source: ME Construction News

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Architecture

Emaar investors approve Dubai Creek Harbour acquisition

September 22, 2022 foasummit0

Shareholders have approved Emaar Properties’ acquisition of Dubai Creek Harbour from Dubai Holding, the master developer has announced. Shareholders have also approved the sale of Namshi Holding to Noon AD Holdings from its key retail subsidiary Emaar Malls Management. The announcement is the result of a General Meeting on 21 September.

According to Emaar, shareholders approved a motion to acquire assets from Dubai Holding and the issuance of a mandatory convertible bond with an aggregate value of US $1.02bn to Dubai Holding. The acquisition deal was originally announced in mid-August.

In April 2022, Emaar Development said it would handover 8,500 residential units by the end of the year.

This represents the share element of an overall consideration of $2.04bn to be paid equally in cash and shares of Emaar Properties, thus making Dubai Holding the second largest shareholder of Emaar, the statement noted.

As per the motion, the mandatory convertible bond will be convertible into 659,050,967 new shares in Emaar, and the company’s share capital will be increased to $2.4bn on the conversion of a such mandatory convertible bond.

The sale of Namshi to Noon is said to comprise a total cash consideration of $335.2mn, representing a premium of $34.6mn on the total investment by Emaar Malls Management in Namshi.

The sale is said to represent Emaar’s strategy to divest assets which are not reflective of its core business, with proceeds to be reinvested into the real estate development business, building on its core elements and offering a sustained value for shareholders. Emaar originally announced it was considering the sale of Namshi in mid-August.

The transaction is expected to close in the coming months, subject to meeting various conditions, including, inter alia, final regulatory approvals, the statement concluded.

The post Emaar investors approve Dubai Creek Harbour acquisition appeared first on Middle East Construction News.


Source: ME Construction News

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