Abu Dhabi-listed Aldar Properties announced on Friday the acquisition of Rixos Bab Al Bahr beach property in Ras Al Khaimah for 770 million dirhams ($209.6 million).
The transaction, made through Aldar Investment, brings the developer’s total investment in Ras Al Khaimah to 1.5 billion dirhams. Aldar had previously acquired the emirate’s Al Hamra Mall.
As part of the Rixos Bab Al Bahr deal, Aldar Investment has secured development rights for an additional 250,000 square feet of gross floor area for residential and commercial use.
The 715-room Rixos resort opened for business in Al Marjan Island in 2014.
(Writing by Cleofe Maceda; editing by )