Dubai's Deyaar to build 5 hospitality projects by end of 2018

Posted on 8th February 2016

Dubai-based developer Deyaar Development plans to have five hospitality projects in the emirate by the end of 2018, revealed company officials.

deyaar

On the sidelines of a site visit to one of Deyaar’s mixed-use project, The Atria, Iyad Charchar, vice president for project and engineering at Deyaar, told Construction Week that the company has already signed three hospitality projects.

“We have already signed three hospitality projects, and two more are intended to be agreed by 2016.”

“By the end of 2018, we aim to have five hospitality projects in operation in the emirate.”

The developer has also signed a strategic Memorandum of Understanding (MoU) with Millennium Copthorne to operate its hotel in The Atria, according to Constructionweekonline news report.

“We have signed a strategic agreement with Millennium to operate the hotel apartment in The Atria.”

Charchar added: “We are also in the process of signing a number of agreements with [the company] to operate more hospitality projects for us in the future.”

Deyaar reported a 14% increase in their fourth quarter net profits for 2015.

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