- Broker Directory
- My Tools
- News & Advice
- Market Trends
- Other GN Sites
Al Ruwad Real Estate Consultants as launched eight lots in the Al Jaddaf area for investors in the hospitality industry. The 250,000-sq-ft plots are allocated for three- and four-star hotel projects, combining for more than 2,200 hotel rooms.
Preliminary approvals from the concerned government authorities have been obtained, according to Al Ruwad.
The move comes after His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, approved Dubai's new Tourism Vision for 2020, which aims to attract more than 20 million visitors annually by 2020, trebling the sector's contribution to the emirate's economy to almost Dh300 billion.
''We want to open the door for investors and small and medium enterprises to take an energetic role in the promotion of the real estate scene,'' said Ismail Al Hammadi, Managing Director of Al Ruwad.
Al Hammadi noted a study by Bloomberg that ranks Dubai second among cities worldwide with the most expensive hotel rooms, creating a market gap for more affordable hospitality options.
Source: Property Weekly