Dubai Holding, an investment company owned by Sheikh Mohammed bin Rashid al Maktoum, is reportedly in talks to sell the luxurious Nikki Beach Resort & Spa. According to Bloomberg, the resort is being valued at AED800 million ($218 million). Jones Lang LaSalle Incorporated (JLL), a real estate firm, is working with the property for the potential sale. While the deliberations are ongoing, there is no certainty of a sale.
The Nikki Beach Resort & Spa is a high-end beachfront property boasting 117 rooms and suites, 15 villas with private pools, and over 60 lifestyle residences. Recently, Aldar Properties, Abu Dhabi’s leading real estate developer, has signed a joint venture agreement with Dubai Holding. The deal will see both companies develop 9,000 residential units across three communities, marking Aldar's entry into the Dubai property market.
Why it matters
Nikki Beach Dubai is known as one of Dubai’s most iconic beach clubs. With Aldar making a push into the Dubai real estate market with its tie-up with Dubai Holdings its possible that the investment firm are looking into other ventures to help maximise its profits.