DUBAI: Aldar Properties, an Abu Dhabi developer, acquired two islands for residential development and the Nurai Island Resort hotel.
The purchase came after acquiring land on Saadiyat island worth 3.7 billion dirhams ($1 billion) to build 2,700 units with a gross development value of 15 billion dirhams, according to MEED.
In addition, Aldar plans to renovate and expand the hotel. The two new islands purchased in Abu Dhabi will be used to build high-end luxury beachfront villas.
Along with the hotel, Nurai island includes water and estate villas owned by third parties.
In February and March, Aldar acquired Rixos Bab Al-Bahr resort and Al-Hamra mall in Ras Al-Khaimah for 410 million dirhams and 770 million dirhams, respectively.
Rental check payments
Emirates NBD, a leading bank in the the Middle East North Africa and Turkey region, and Dubai Land Department have partnered to boost and strengthen the UAE’s real estate market, according to a statement
Rental check payments will soon be automated and digitized through use of the Direct Debit System of the Central Bank of the UAE to support the rental market.
By eliminating the administrative activities required to manage post-dated checks manually, this collaboration aligns with Dubai’s vision of paperless payment ecosystems as well as the Dubai 10X initiative, the statement added.
In addition, tenants will be able to pay their rent using their bank account rather than issuing checks. In addition, their landlords or property management companies will be able to offer them flexible payment plans.
The Emirates NBD offers non-resident savings accounts that will facilitate investor purchases in Dubai and allow them to manage their property and collect rent conveniently.
A dedicated relationship management team will support overseas investors through the account opening process, the statement concluded.