ASMALLWORLD AG / Key word(s): Alliance
14-Feb-2022 / 06:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
ASMALLWORLD supports MAG of Life in creating the first The Ritz-Carlton Residences in the United Arab Emirates
Zurich, 14.02.2022 – ASMALLWORLD AG client MAG of Life has signed a deal with Marriott International to bring the first The Ritz-Carlton Residences to the United Arab Emirates, as part of their KETURAH Resort. ASMALLWORLD has been advising MAG of Life on this project for over a year and has played a vital role in brokering this deal with Marriott. The initial sales period for mansions and residences will start on February 15th2022, and ASMALLWORLD will be overseeing the sale of all residential units with an estimated market value of over USD 500M for the initial sales period to generate commissions of several million USD over the coming years.
ASMALLWORLD client MAG of Life, the Wellness Real Estate division of the Dubai-based MAG Group, one of the largest real estate developers in the Middle East, signed an agreement with Marriott International to bring the first The Ritz-Carlton Residences to the United Arab Emirates.
The Residences will be located within MAG’s KETURAH Resort, which will be built according to the highest wellness and luxury standards for its future residents. Next to The Residences, the resort will also feature a signature hotel, a private members club, an immersive wellness centre, Michelin-star chef restaurants and a retail promenade.
In accordance with KETURAH’s focus on holistic wellbeing, The Ritz-Carlton Residences, Dubai, Creekside, will integrate Delos’ world-leading, evidence-based wellness innovations, helping to provide a healthier environment to homeowners by creating an immersive wellness luxury lifestyle in Dubai .
Located on the Dubai Creek and facing Dubai’s wildlife sanctuary Ras Al Khor, all residences will have extensive views of the creek while offering easy access to the Dubai International Financial Centre, as well as Dubai’s International Airport (DXB).
“Through this partnership, we are confident that The Ritz-Carlton Residences Dubai Creekside will be a unique project, not witnessed in the region before. The new project will upscale luxury living, with a much more holistic view, and we want to integrate the idea of living luxuriously while maintaining our residents’ wellbeing through this new project”,” commented MAG of Life Owner, Talal AlGaddah.
Significant revenue potential for ASMALLWORLD
ASMALLWORLD has been advising MAG of Life for over a year and has played a pivotal role in identifying strategic collaborators for the KETURAH Resort, including The Residences.
Going forward, ASMALLWORLD will assume the role of sales coordinator for the project and oversee the sale of all residential units with an estimated market value of over USD 500M for the initial sales period. The company expects to generate a sales commission of several million USD over the coming years.
The initial sales period for The Ritz-Carlton Residences will start on February 15th2022, with the following units going on sale:
– 8-bedroom mansions with direct views of Dubai’s one-of-a-kind nature sanctuary and one of three architectural themes: Earth, Sky, Water.
– 2-3 bedroom residences, integrating the latest quality standards of The Ritz-Carlton
“We are extremely excited to start the sales process for this unique luxury resort. With The Ritz-Carlton Residences we have found the perfect collaboration for our clients and hope that we can bring many happy homeowners to the first Ritz-Carlton Residences in the UAE ,” commented ASMALLWORLD CEO Jan Luescher.
“We are delighted to work with MAG of Life to bring The Ritz-Carlton brand to the historic and cultural Dubai Creek area,” said Satya Anand, President, Europe, Middle East & Africa, Marriott International. “There remains a strong demand for luxury living in the UAE and The Ritz-Carlton Residences, Dubai, Creekside will be a great addition to this lifestyle development with its sophisticated style, luxurious finishes and the brand’s legendary service.”
For more information about The Ritz-Carlton Residences, Dubai, Creekside and the KETURAH Resort, please visit the official sales center in the DIFC or The Ritz-Carlton, Dubai, Creekside website at www.theresidencesdubaicreek.com.
This press release and further information can be found at www.asmallworldag.com.
About MAG of Life FZ-LLC
MAG of Life is the Wellness Real Estate division of MAG Group and the driving force behind the KETURAH Resort. With current project estimates of over US$ 1 billion, the company focuses on developing and delivering high-quality projects that provide long-term benefits to both investors and customers. MAG of Life spearheads the MAG Group’s drive to the forefront of the real estate industry, thanks to projects imbued with the company’s philosophy of innovation and continuous improvement.
About Delos WELL Living
Delos is a wellness real estate and technology company with a mission to advance health and well-being through science-based solutions that improve where people live, work, learn and play. With nearly 10 years of research, Delos and its subsidiaries offer an array of evidence-based technologies and solutions for residential, commercial, educational and hospitality spaces. Delos is the founder of the WELL Building Standard(TM) (WELL), the world’s largest certification platform for healthy buildings that support and advance human health and wellness. WELL is administered by the International WELL Building Institute (IWBI), a wholly-owned subsidiary of Delos. In collaboration with the Mayo Clinic, Delos founded the Well Living Lab, the first scientific laboratory exclusively dedicated to researching the real-world impact of the indoor environment on human health and well-being. Delos’ advisory board is comprised of leading professionals across real estate, government policy, medicine and sustainability. Learn more at www.delos.com.
The Ritz-Carlton Residences, Dubai, Creekside are not owned, developed, or sold by The Ritz-Carlton Hotel Company, LLC or its affiliates (“Ritz-Carlton”). MAG of Life FZ-LLC uses The Ritz-Carlton trademarks under a license from Ritz-Carlton, which has not confirmed the accuracy of any of the statements or representations made herein.
The ASMALLWORLD Group
ASMALLWORLD is the world’s leading travel & lifestyle community, focusing on experiences: the modern-day definition of luxury.
Centered around the ASMALLWORLD social network, the company operates a digital travel & lifestyle ecosystem which enables and inspires members to travel better, experience more and make new connections.
Members of the ASMALLWORLD social network connect through its app and website, where they can meet other members, engage in online discussions, receive travel and lifestyle inspiration, and enjoy a wealth of travel privileges.
Members also meet in person at over 1’000 global ASMALLWORLD events every year, ranging from casual get-togethers in major cities around the world, access to exclusive launches, shows, galas, soirees, exhibitions, major global sporting events, and larger flagship weekend experiences hosted in iconic destinations such as Saint-Tropez and Gstaad.
Other businesses of the ASMALLWORLD travel & lifestyle ecosystem include:
ASMALLWORLD Collectiona high-end online hotel booking engine focused on the world’s most admired hotels, offering the unique “ASMALLWORLD Preferred Rate” which allows customer to enjoy exclusive travel benefits at no extra cost
ASMALLWORLD Privatea high-end travel agency offering personalized travel curation service
ASW Hospitalitya hotel management company that operates and manages the iconic North Island resort in the Seychelles
First Class & Morea subscription-based smart luxury travel service that allows members to enjoy luxury travel at insider prices
The World’s Finest Clubsthe world’s leading nightlife concierge offers its members VIP access to the most exclusive nightlife venues around the world
For more information, please visit:
Jan V. Luescher, CEO
End of ad hoc announcement