Abu Dhabi National Hotels (ADNH) has plans to construct a 1,000-room luxury resort overseeing the Arabian Gulf with a total investment of $272m (AED1bn), reported TradeArabia.
For this purpose, ADNH, an Abu Dhabi-listed company, has signed a deal with Marjan to procure a plot on Al Marjan Island in the UAE.
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.”
ADNH has operations in hotel, catering, tours and transportation segments.
Marjan considers this investment marks Al Marjan Island as one of the top tourist destinations in the country.
ADNH 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.”
Marjan CEO Abdulla Al Abdooli said: “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.”
Earlier this month, Khalifa Industrial Zone Abu Dhabi (KIZAD), which is owned by AD Ports Group, signed a lease agreement with smart electric firm NWTN to establish an electric vehicle assembly facility.
The facility will manufacture thousands of cars annually from the industrial zone as Abu Dhabi aims to become an auto destination.
The 25,000m2 facility will be involved in manufacturing, research and development, and vehicle testing of electric vehicles.