Damac Real Estate has purchased a plot of land from Dubailand for US$513m.
The plot comprises about 55 million sq ft, the Dubai property developer said in a statement. This is 30 per cent larger than its current Akoya project in Dubai, which covers 42 millon sq ft.
Damac said the acquisition is in line with its strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory.
It added that the purchase will be funded via proceeds of its $650m sukuk sold in the second quarter.
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.