Beyond The News: Issue 5

Trendwatch: Elevating Abu Dhabi’s hospitality landscape

We are investing AED 1.5 billion to transform our hotels into luxury resort-style properties, including the introduction of the iconic Waldorf Astoria and IHG Vignette Collection brands to Abu Dhabi for the first time.

The five-star Eastern Mangroves hotel will become a Waldorf Astoria resort, featuring luxury residences, a promenade, marina enhancements, and a new retail mix. Yas Plaza Hotels will be transformed into the largest Vignette Collection resort in the world, while our resort in the Al Dhafra region (formerly Tilal Liwa) will become a luxury desert destination, also under IHG’s Vignette Collection brand. Additionally, our luxury resort on Nurai Island is undergoing a major refurbishment and expansion to further elevate the experience and maintain its position as Abu Dhabi’s ultra-luxury destination.?

With Abu Dhabi welcoming nearly 24 million visitors in 2023, marked by a 27% rise in hotel guests and a 54% increase in international visitors, we are excited to capitalise on this growth and contribute to the Department of Culture and Tourism - Abu Dhabi’s strategy to boost visitor numbers to 39.3 million by 2030.

Expanding our partnership with Mubadala

We were honoured to welcome His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, to inaugurate our partnership with Mubadala to develop and manage more than AED 30 billion of prime real estate assets in Abu Dhabi.

The partnership combines Mubadala’s land bank and institutional expertise with Aldar’s strength in development and asset management. Four joint ventures underpin the agreement – creating a premium retail platform in the emirate, joint ownership of income-generating assets in Masdar City, the development of luxury waterfront communities in prime locations across the emirate, and the development of a landmark logistics park close to Zayed International Airport.

Our strategic partnership highlights the importance of collaboration between the public and private sectors in driving the continuous growth of Abu Dhabi as a world-class destination to live, work, and invest. Abu Dhabi not only ranked 4th globally as a preferred city for top talent in BCG’s 2024 study on international mobility trends, but also saw a spike in FDI with the real estate market experiencing a 225% year-on-year surge in H1 2024.

SODIC’s luxury Ogami development sells out in 48 hours

SODIC, Aldar’s majority-owned subsidiary in Egypt, is celebrating tremendous success with the sell-out of its luxury, island-inspired North Coast Ogami development, generating AED 1.5 billion within 48 hours. Located in Ras Al Hikma and anchored by the Nobu Hotel and Residences, Ogami spans 440 acres with a pristine, sandy beachfront and 11 kilometres of lagoon shoreline.

A beachside paradise inspired by Japan’s Ogami Island’s famous sunsets, the development blends Japanese design aesthetics with the luxury Egyptian Mediterranean setting. Underscoring the global appeal of the design-led development, the launch garnered significant interest from international buyers, including the UAE, KSA, and USA.

London Square acquires prime site in Brook Green

London Square, a wholly owned subsidiary of Aldar, has acquired a prime site overlooking Brook Green in West London. The acquisition is London Square’s eighth this year, with the site benefitting from planning permission for 33 residential apartments. It will allow London Square to continue its excellent track record in restoration and conservation, breathing new life into the site while respecting the surrounding area.

London Square intends to create a high-end boutique development by establishing a collection of spacious apartments within the existing buildings, combining Victorian period character and high ceilings with stunning, high-quality interiors. Brook Green is a neighbourhood filled with streets of period homes, independent cafes, restaurants, and shops, as well as top-tier transport links and close proximity to a wide range of outstanding schools.

The new development aligns with London Square’s long-term strategy to develop prime sites across London and once launched offers UAE investors an opportunity to invest into the UK’s housing market through a trusted London-based developer.

Innovation with Ibtikar 2024

Ibtikar is an Aldar owned, group-wide innovation competition that empowers our employees to solve real business challenges through ideation and creative application. This year, the theme was Artificial Intelligence.

Ibtikar 2024 was launched in March with an AI-focused showcase, featuring demos, guest speaker talks and knowledge share alongside Aldar’s resident AI experts.? The ideas from our employees soon flowed, with fourteen applications shortlisted to join a Microsoft-led bootcamp, and the final four submissions advancing to present a detailed business case to a panel of expert judges.

Kristian Dimaranan from Aldar Education had the winning idea to design an AI-powered custom GPT solution that will transform the recruitment process and increase efficiency. Runner-up ideas included using AI-generated data to elevate ESG reporting and drive informed decision-making, implementing AI to boost customer call quality checks from 2% to an industry-leading 100%, and deploying AI-powered voice biometrics for instant caller identification to enhance customer satisfaction.

We look forward to sharing more updates on Ibtikar and our application of AI soon.