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
 Mar 4 2015 - EU shares near 7-year highs as German retail sales jumpKhaleej Times
(MENAFN - Khaleej Times) The gains follow a rise in Asia and another record day on the Wall Street . US stocks futures pointed to a flat start.Eurozone government bond yields were slightly higher but ...

 Mar 4 2015 - UAE-based enterprises key target for seven global trade shows in Hong KongKhaleej Times
(MENAFN - Khaleej Times) The Hong Kong Trade Development Council, or HKTDC, the international representative organisation for Hong Kong-based manufacturers, traders and service providers, announced ...

 Mar 4 2015 - Moody's Investor Service upgrades Emaar's outlookKhaleej Times
(MENAFN - Khaleej Times) Emaar's strong cash flow generation, solid liquidity and growing business diversification will enable it to weather the more uncertain investment climate, Moody's Investor ...

 Mar 4 2015 - Israeli Navy Shoots Palestinian Fishing BoatsQatar News Agency
(MENAFN - QNA) Israeli navy opened fire at Palestinian fishing boats sailing off al-Sudaniya shore, in the northern Gaza Strip. Palestinian security sources said that the Israeli navy roaming the ...

 Mar 4 2015 - Dubai Int'l Boat Show sees more than 26,000 visitorsKhaleej Times
(MENAFN - Khaleej Times) The 23rd edition of the Dubai International Boat Show opened on Tuesday and is expected to draw more than 26,000 visitors from over 120 countries including High Net Worth ...

 Mar 4 2015 - Middle East and Africa private wealth set to hit $7.2t by 2018Khaleej Times
(MENAFN - Khaleej Times) With private wealth in the Middle East and Africa projected to reach $7.2 trillion by 2018, Dubai International Financial Centre is well positioned with its laws and ...

 Mar 4 2015 - Luxembourg seeks to bolster ties with UAEKhaleej Times
(MENAFN - Khaleej Times) Luxembourg, which is home to assets under management to the tune of more than ‚¬3000 billion, seeks to boost collaboration with the UAE in financial services, in particular ...

 Mar 4 2015 - UAE high in Organisation of Islamic Cooperation indexKhaleej Times
(MENAFN - Khaleej Times) The UAE has been ranked third among Organisation of Islamic Cooperation (OIC) economies in the inaugural 2015 Islamic Growth Markets Investment Index, which was released on ...

 Mar 4 2015 - Beat queues at Dubai's T3 with new GDRFA initiativeKhaleej Times
(MENAFN - Khaleej Times) Passengers will no longer have to wait in queues at the Dubai International Airport's Terminal 3, thanks to a unique system which will send travellers' details to passport ...

 Mar 4 2015 - Turkish jetliner skids off on runway, passengers safeKhaleej Times
(MENAFN - Khaleej Times) A Turkish Airlines jet landing in dense fog in the Nepalese capital on Wednesday skidded off a slippery runway but there were no serious injuries, officials said.Officials at ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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