Construction & Real Estate

Abu Dhabi group in deal to build 1,000-room RAK luxury resort

Abu Dhabi National Hotels (ADNH) has announced plans to build a 1,000-room luxury resort on a one million sq ft area overlooking the Arabian Gulf at a total investment of AED1 billion ($272 million).   
In this regard, ADNH has sealed a deal with Marjan, the master developer for freehold land in Ras Al Khaimah, to acquire a prime plot on Al Marjan Island for the project.
An Abu Dhabi-listed company, ADNH operates hotels as well as in catering, tours and transportation sectors.
On the new venture, ADNH Vice-Chairman and Managing Director Sheikh Ahmed Aldhaheri said: "This is an exciting opportunity to expand and position into other emirates. Our strong belief in the potential, economy and leadership of the UAE were the main catalyst of this investment."
CEO Khalid Anib said: "At ADNH, we are confident that our investment in Ras al Khaimah will create strong returns to our shareholders and enhance UAE as a leading travel and hospitality destination."
"This luxury Resort will complement our existing portfolio across Abu Dhabi and Dubai," he added.
Welcoming the new project, Marjan said this investment highlights the appeal of Al Marjan Island as one of the top tourist destinations in the UAE with several global hotel operators already having made significant investments.
"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," remarked Marjan CEO Abdulla Al Abdooli.
"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," he added.-TradeArabia News Service