(MENAFN- The Arabian Post)

The developer behind the world-famous skyscraper in Dubai has acquired a 12th-century fortress in the rolling hills of Umbria and laid out a vision for one of Europe's most opulent destination resorts. Mohamed Alabbar, founder of Emaar Properties, confirmed the purchase of Castello di Antognolla for around US $55 million and disclosed plans to invest as much as US $145 million further, bringing the total commitment to approximately US $200 million.

The estate, perched on a verdant ridge near Perugia, enjoys sweeping views and includes an existing 18-hole golf course. Mr Alabbar outlined that the redevelopment will encompass a luxury hotel, a wellness and longevity centre spanning 3,000 m2, more than 80 high-end residences and a polo club as part of the resort's offerings. He indicated that it will host events drawing affluent global clients such as fashion shows, chef competitions and gastronomic experiences focused on truffles and wine.

While Mr Alabbar is widely known for his role in developing the skyscraper landmark in Dubai and for leading major real-estate ventures in the Gulf through Emaar and the Abu Dhabi-based Eagle Hills, he emphasised this project is a personal investment and not being executed via either company.

The move marks a clear signal of Gulf-based capital targeting European heritage assets and luxury hospitality projects. Analysts observe that investors are hunting for stable, long-term yields after years of fast-moving residential markets in the Gulf. One commentary noted:“When the going is good, you put your money into hospitality.”

Italy's Umbria region stands to benefit significantly from this injection of investment. The local hospitality industry anticipates increased global high-net-worth tourism and event-driven footfall. Regional officials say the project could serve as a catalyst for broader upscale development in rural Italy, where such high-end repositioning remains relatively scarce.

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However, the venture is not without risk. Bringing a historic castle into operation as a contemporary luxury resort entails significant regulatory and construction challenges. Preservation requirements in Italy can constrain modifications, and delivering the interiors, amenities and residences to a global elite standard will require exacting execution. Moreover, rising construction costs and supply-chain disruptions remain a concern for high-end developments. The wellness palate and experiential travel market that the resort targets may also face pressures if macroeconomic headwinds dampen luxury consumption.

Mr Alabbar has extensive experience overseeing large-scale developments and is regarded as one of the Gulf region's most influential real-estate entrepreneurs. His move into European luxury hospitality aligns with an expanding trend among Gulf developers, who are broadening their geographic footprint beyond home markets and diversifying risk by acquiring landmark properties abroad.

Industry observers point out that global hospitality groups may seek to partner or license their brands to such projects, recognising the value of combining heritage architecture with a luxury operational platform. Mr Alabbar has not publicised a brand partner for the castle yet, though several reports suggest conversations are underway. The inclusion of residences alongside a resort and event infrastructure suggests a blended asset model combining hotel occupancy, branded residences and event hosting.

For the Umbria region, the project represents a departure from the predominant tourism dynamics centred on agritourism and mid-scale hospitality, shifting towards ultra-luxury positioning. Local stakeholders believe the development may help elevate the regional brand internationally as a destination for exclusive leisure experiences. At the same time, questions remain about how the estate will integrate with the local community, infrastructure and sustainability expectations - particularly given the environmental sensitivity of heritage and rural landscapes.

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