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 moth. 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
 Jun 30 2016 - Tennis: Roger Federer ends Willis' Wimbledon fairytaleMuscat Daily
(MENAFN - Muscat Daily) Marcus Willis'' Wimbledon fairytale came to an end against Roger Federer, but the British qualifier''s 6-0, 6-3, 6-4 defeat couldn''t ruin a day to remember for the new star ...

 Jun 30 2016 -  Tough love: psychology of Argentina's Messi relationshipMuscat Daily
(MENAFN - Muscat Daily) Like neurotic parents, Argentines swung from criticism to unconditional love for their star footballer Lionel Messi this week, providing the soccer-mad nation''s many ...

 Jun 30 2016 -  Cricket: Anil Kumble takes charge with eye on bowlersMuscat Daily
(MENAFN - Muscat Daily) Anil Kumble thinks a year - and 17 Test matches - is enough for India to make its mark on all three formats of cricket. Kumble''s one-year contract as coach of the national ...

 Jun 30 2016 - Golden age Hollywood starlet Olivia de Havilland turns 100Muscat Daily
(MENAFN - Muscat Daily) Paris- Screen legend Olivia de Havilland, who turns 100 on Friday, is the last surviving star from "Gone with the Wind" and one of the last great stars of ...

 Jun 30 2016 - Obama to campaign with Clinton, Trump shrinks gapMuscat Daily
(MENAFN - Muscat Daily) Washington- President Barack Obama will campaign with presumptive Democratic White House nominee Hillary Clinton for the first time next Tuesday, as a new poll shows a ...

 Jun 30 2016 - New York's Empire State Building to go dark for TurkeyMuscat Daily
(MENAFN - Muscat Daily) New York- New York''s famed Empire State Building will go dark on Wednesday in tribute to the 41 people killed and 239 wounded in a suicide attack at Istanbul''s main ...

 Jun 30 2016 -  Brazil has 'total confidence' in Olympics securityMuscat Daily
(MENAFN - Muscat Daily) Rio de Janeiro- Brazil has "total confidence" that it can ensure security for more than half a million tourists and athletes attending the Rio Olympics this August, ...

 Jun 30 2016 -  Eight killed as fire guts pharmacy in IndiaMuscat Daily
(MENAFN - Muscat Daily) Mumbai- Eight people were killed when a fire gutted a pharmacy in India''s financial capital Mumbai on Thursday, police said. One other person was seriously injured in the ...

 Jun 30 2016 -  Engine failure, errors by crew led to deadly Taipei crash: reportMuscat Daily
(MENAFN - Muscat Daily) Taipei - A plane crash in Taiwan that killed 43 people when a passenger jet plunged into a river was caused by engine failure and flight crew errors, a damning final ...

 Jun 30 2016 - NY entrepreneur swapping start-ups for charityMuscat Daily
(MENAFN - Muscat Daily) New York- After making millions before turning 40, a New York-based entrepreneur is dreaming of transforming charitable giving by bringing his start-up stardust and ...

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