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Abu Dhabi-based real estate developer Aldar Properties has announced its first residential development in Ras al-Khaimah. 

Aldar will partner with Nikki Beach Global to develop the waterfront development, which consists of three residential buildings on Al-Marjan Island in Ras al-Khaimah.

In 2022, Aldar acquired Rixos Bab al-Bahr and DoubleTree by Hilton Resort on Al-Marjan Island. 

Jonathan Emery, CEO of Aldar Development, said: “As Aldar continues to expand its footprint in Ras al-Khaimah, our partnership with Nikki Beach is key to developing an unparalleled residential offering in an emirate that is growing as an investment hub and tourism destination.”

Lucia Penrod, CEO of Nikki Beach Global, said: “Nikki Beach Residences will offer the opportunity to secure your own piece of Nikki Beach in this vibrant region and we look forward to working with Aldar on this exciting property development.”

In July, Aldar announced a $136m asset redevelopment plan for Al-Jimi Mall in Al-Ain, Abu Dhabi, and Al-Hamra Mall in Ras al-Khaimah.

The redevelopment plan involves expanding and refurbishing asset facilities including existing retail stores, and diversifying food and beverage offerings.

The redevelopment plan for Al-Jimi Mall will increase the gross leasable area by 20 per cent to 91,000 square metres.

Following the acquisition of Al-Hamra Mall in February 2022, Aldar’s redevelopment plan for the mall includes refurbishing its facade, new food and beverage offerings, and upgrading other facilities. Work on the project, which is being rolled out in phases, is already under way and set to be completed in mid-2024.

According to regional projects tracker MEED Projects, Aldar Properties has a portfolio of 86 active projects valued at around $31bn. Its most notable developments include Saadiyat Island, Al-Raha Beach, Riyadh City, Saadiyat Grove, Yas Island and Al-Maryah Island.

Upcoming projects include the Balghaiylam residential development, Yas Golf Collection and Yas Park Gate.