Dubai based Deyaar to move into Hospitality
Posted on 2nd March 2014
Dubai-based Deyaar Development announced on Saturday its decision to expand its portfolio beyond commercial and residential properties to hospitality projects. The move, which comes as part of Deyaar's strategy to diversify its capabilities in the real estate sector, will be initiated within the Dubai market.
The company said it has allotted up to one million square feet for hotel and serviced apartment projects in prime locations in the city in the coming years. These include areas such as Business Bay, along Sheikh Zayed Road, as well as sites located in close proximity to the proposed venue for the Expo 2020 mega event.
Deyaar said in a statement that it intends to grow its hospitality portfolio "both organically and through acquisitions". The developer's decision follows a call by Dubai's leadership for greater investment in developing more hotels as part of plans to attract 20 million tourists by 2020.
Deyaar added that it has several projects under consideration, and aims to forge international collaborations for future hotel projects.
Saeed Al Qatami, CEO at Deyaar, said: "We have a number of projects under consideration, which we hope to reveal soon. Some of these properties will be retained as fully-owned developments under Deyaar, while other projects will be sold to third-party investors."Back to all Construction News
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