Nurai, a state-of-the-art resort development off the coast of the UAE's capital, will be unveiled today by Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
This is the first venture of Zaya, an Abu Dhabi-based real estate company that is a joint venture between two developers, Tasameem Real Estate and Assas. The combined portfolio of the two companies exceeds $15 billion (Dh55bn).
Nadia Zahal, chief executive of Zaya, said the resort will offer an exclusive community of beachfront estates and "water villas" built on stilts in the water, along with the services and comforts of a boutique resort.
The three million square foot island, located just off the tip of Abu Dhabi's Sadiyat Island, will have 31 beachfront villas and 25 water villas along with a 66-room luxury boutique hotel, Zahal said.
The project is the first of three that Zaya will develop by the end of the year at a total cost of $6bn. The second will be in Dubai.
The company is looking at purely high-end developments, which will be low density, low-rise projects, though not restricted to waterfront locations, Zahal said. Overseas expansions are also on the cards, with the company exploring opportunities in Oman, Qatar, Tunisia and India.
Follow Emirates 24|7 on Google News.
