Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Six new Damac projects to open  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Luxury developer believes dubai tourism will continue to rise

damac properties will open six new hospitality projects comprising 2550 keys before the end of 2014 and total 10000 keys will be operational in the next three years managing director ziad el chaar told khaleej times during an interview at the arabian travel market which concludes today.

the dubai-based luxury property developer forays into hospitality business with the opening of its first property damac maison near dubai mall on december 31 2013 with 355 keys.

the project received overwhelming response from investors and visitors as the first property is fully sold out and witnessed more than 80 per cent occupancy level during first month of operations — january 2014 according to the company.

“we are the largest developer of hospitality projects in dubai as we have 10000 keys under development and 2550 keys would be opened before the end of 2014” el chaar said. “in terms of operation maison will manage 60 per cent of our portfolio and two days ago we launched our new brand naia and it will manage 40 per cent of the portfolio” he added.

in total damac maison will manage 6500 units including 1000 hotel rooms and rest hotel apartments he said adding that naia by damac will operate 3800 units.

“with a portfolio of 10000 keys in dubai you need two brands because you will end up with properties at the same location” he said.

on the first day of atm damac properties had announced the launch of naia by damac — its latest hotel management services company — which will cater to guests in more than 2200 hotel apartments across the city by the end of 2014.

the new brand will manage projects including naia downtown jebel ali which will begin operations this month. in addition to naia by damac the property developer also announced a certified shariah-compliant hospitality project — constella. on may 6 damac released constella’s a select number of units at pre-launch prices at a vip event.

“the constella will be first hotel apartments in dubai to receive official shariah-certification” he said adding that there are so many projects in dubai called shariah-compliant because they don’t serve alcohol but actually they are dry hotels. “but to be certified we have designed according to shariah sell according to shariah and upgrade according to shariah” he explained. responding to a question about the demand of such types of hotels in the country he said: “yes it’s there. we expect demand is coming locally from the uae saudi arabia kuwait qatar pakistan some parts of india indonesia and more. these are the places we expect demand to come.”

“we believe in dubai we believe in the vision of 2020 having more than 20 million tourists in the city. so the demand will continue to rise” he responded when asked about his comment on the huge upcoming inventory in the hospitality sector of the emirate.

talking about damac’s interest in overseas markets he said that the focus of the company is gcc and dubai. “today our projects are in dubai abu dhabi riyadh jeddah and doha which are mainly in gcc but we have some small projects in jordan and lebanon as well” he explained.

he ruled out any venture in budget-style hotels or apartments by damac “the focus of the company since its inception is luxury real estate development and we have taken that concept into hospitality as well. we believe there is a big demand from customer of dubai in luxury segment.”

— abdulbasit?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Jul 2 2015 - OIC condemns terrorist attacks in SinaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Organisation of Islamic Cooperation, OIC, has condemned the terrorist attacks on military checkpoints in Northern Sinai, Egypt, on Wednesday, which resulted ...

 Jul 2 2015 - Ajman Ruler, Crown Prince receive more Ramadan greetingsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, last night received Sultan bin Saeed Al Mansouri, Minister of Economy, and ...

 Jul 2 2015 - UAE- Department of Tourism and Commerce Marketing hosts English-Language lecture on SundayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The ongoing lecture series hosted as part of the activities of the 14th Dubai Ramadan Forum, organised by the Department of Tourism and Commerce Marketing, DTCM, ...

 Jul 2 2015 - UAE Embassy in Senegal distributes 800 food packagesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Senegal has overseen the process of distributing 800 food packages to needy families in Gambia, provided by the Khalifa bin Zayed Al Nahyan ...

 Jul 2 2015 - Dubai launches "Health of the Fasting" campaign as part of Ramadan ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As part of the activities of the 14th Dubai Ramadan Forum, Dubai yesterday launched the 'Health of the Fasting' awareness programme, providing free medical ...

 Jul 2 2015 - President, VP, Mohamed bin Zayed send greetings to Governor-General of CanadaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a congratulatory cable to David Johnston, Governor-General of Canada, on the occasion of his ...

 Jul 2 2015 - UAE Embassy oversees implementation of Iftar Project in Thailand and CambodiaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Thailand has overseen the implementation of the Iftar project in Thailand and Cambodia. The Iftar project is implemented by the Khalifa bin ...

 Jul 2 2015 - UAE- NEC begins media accreditation process for coverage of FNC 2015 ElectionsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The National Election Committee has opened the accreditation process for media representatives who will be covering the Federal National Council, FNC, Elections ...

 Jul 2 2015 - DEWA introduces Al Namoos service for consultants and contractors to connect up to 150KW within 10 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Electricity and Water Authority, DEWA, has launched its Al Namoos, an Emirati word that describes a race winner, service. This latest initiative, ...

 Jul 2 2015 - Dubai Silicon Oasis and SAP Training and Development Institute join hands to support tech start-upsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, the integrated free zone technology park, yesterday signed a sponsorship ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help