Aldar Properties, Abu Dhabi’s biggest listed developer, sold out 420 units for Dh1 billion ($272 million) in the first phase of its residential development in Ras Al Khaimah, as the UAE's property market continues to record strong investor interest.
The beachfront units at the development, located on Al Marjan Island, were sold out in 48 hours of the launch, showing “the growing demand for the short-term stay and second home market in Ras Al Khaimah”, Aldar said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments. All apartments are serviced, with both furnished and unfurnished options, with the average price for a one-bedroom unit at Dh2.3 million.
Following the sell-out of phase one, Aldar has released an additional 150 units for sale.
The strong response to the project in Ras Al Khaimah “has validated our long-held view that the market is primed for a branded residential product that facilitates short-term stays”, said Rashed Al Omaira, chief commercial officer at Aldar Development.
“As we unveil phase two, we anticipate continued interest from buyers.”
The UAE‘s property market has been steadily growing on the back of government initiatives and overall growth in the economy.
Aldar, which posted a 43 per cent annual increase in third-quarter profit to Dh794 million, has been expanding its portfolio rapidly to cater to demand.
The company reported record development sales of Dh7.8 billion in the third quarter of this year, with nine-month sales at their highest level of Dh19.4 billion and 11 new projects launched so far this year.
Overseas and expatriate resident buyers accounted for 87 per cent of sales in the first phase of its Ras Al Khaimah project, while 60 per cent are under the age of 45, the developer said on Thursday.
The residential community aims to offer a “resort-like lifestyle” with amenities such as a beach lounge, a modern clubhouse, games room, sauna, yoga deck, kids' areas and gyms with sea views.
Aldar acquired the 40,000-square-metre beachfront plot for the development from master developer Marjan in November last year.
The development is located between the Rixos Bab Al Bahr and Doubletree by Hilton – both acquired by Aldar last year.
The Abu Dhabi developer, which has expanded to regional markets including Dubai and Egypt, is also entering select international markets, with a particular focus on Europe.
This month, the company acquired UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
