Real Estate Aldar pairs up with Nikki Beach for RAK residences By Andy Sambidge September 20, 2023 Aldar Aldar CEO Jonathan Emery and Nikki Beach Emea CEO Jihad El Khoury shake hands on the agreement to build three residential properties in Ras Al Khaimah Three buildings in Ras Al Khaimah Fully furnished apartments Amenities incude club house and restaurant Aldar Properties is partnering with resort group Nikki Beach Global to develop three branded residential buildings in Ras Al Khaimah as part of a larger beachfront community on Al Marjan Island. Sales for the Abu Dhabi developer’s inaugural residential development in Ras Al Khaimah – named Nikki Beach Residences – are expected to launch later this year. The project will be located between Rixos Bab Al Bahr and DoubleTree by Hilton Resort & Spa Marjan Island, both of which were acquired by Aldar in 2022. Unpacking the allure of Dubai’s branded residences Dubai and Qatar expand luxury hotel portfolios Gaia shouts ‘Made in Dubai’ at the world Nikki Beach Residences will offer fully furnished apartments with common areas, including a club house with a lounge and restaurant, and hospitality suite for hosting gatherings. Jonathan Emery, CEO at Aldar Development, said the project is key to its growth in an emirate that it “is growing as an investment hub and tourism destination.” Jihad El Khoury, chief executive of Nikki Beach Emea Hotels & Resorts, said the Al Marjan Island project “will not only offer residents curated living spaces but also a true sense of community that Nikki Beach is known for.” Nikki Beach has a global portfolio of 11 beach clubs, five hotels and resorts, branded residences, a fashion division, special events and Nikki Cares, a non-profit charity. Lucia Penrod, CEO of Miami-based Nikki Beach Global, said the company was “extremely discerning” in its expansion plans and was “confident that Ras Al Khaimah is the ideal destination.” Separately, RAK Properties announced a partnership with Nikki Beach Global to develop the 155-key Nikki Beach Resort & Spa Ras Al Khaimah. A growing market Ras Al Khaimah’s neighbour Dubai is a world leader for branded residences with nearly 80 schemes, of which more than half are completed. Under the branded residences concept, a brand grants a licence to a developer to market and sell residences incorporating their name. The market has been growing in the UAE since the launch of the Armani Residences Burj Khalifa in Dubai in 2010, driven by the influx of global high net worth individuals looking for luxury homes. Earlier this year, Nobu Hospitality and Enevoria Development signed an agreement to build a beachfront hotel and 300 Nobu-branded residences on Al Marjan Island. According to Knight Frank, Dubai saw AED25.4 billion in sales last year, with 2,000 branded residency units in the pipeline. Globally, there are nearly 600 branded residence schemes with about 100,000 units between them, and the market is predicted to exceed more than 900 by 2026. Research from Savills shows Dubai has the largest number of completed schemes and the most in the pipeline for any market in Europe, Middle East and Africa (EMEA), with projected growth of 72 percent by 2030. Buyers searching for trophy assets that can serve as primary or secondary residences have boosted their growth in the UAE. Branded residences have historically been led by luxury hotel brands, but other names such as fashion and automobiles are increasingly capturing market share as the supply grows. Branded residences can command price premiums that vary by location and market maturity. Savills said across the Emea region, the average brand premium stands at 36 percent.