DUBAI: Dubai hotels are enjoying high occupancy rates once again, an indication the emirate has not lost its appeal, following the global economic downturn and bad publicity over its debt crisis.

There are more than 350 hotels that offer some 44,000 rooms in Dubai.

Despite the economic crisis last year, occupancy rate have been stable.

“We understand that the market has (been) affected all over the world. It has made us wiser and leaner, and we look at our guests and what do you need from us to help you out in the journey of your travel. The good thing about Dubai is as dynamic as it is,” JW Marriott Dubai director of food and beverage Kevin Wills said.

The Ascott Limited is a Singapore-based serviced residence company.

It’s been growing its presence in the Gulf, and believes there are ample business opportunities in Dubai.

“The occupancy is comparable to 2009 and this is very good for the group because we have maintained our occupancy throughout the year. I believe this is because of the type of cliente that we have. We look at length of stay of three to six months or even a year so this has created a sense of stability for us,” The Ascott Limited area manager, gulf region, Melvin Quah said.

With hotel occupancy rates close to 80 per cent, Dubai is outperforming other tourist destinations in the region.

A big drop in companies’ stock prices ought to result in more takeovers. Lower prices, after all, mean cheaper acquisitions. And that means more people should want to buy.

If the company is a good one and a cash-rich competitor sees the market price as low, why not try to buy it? That’s pretty much how it works in developed markets but not so much in the UAE.

In the US and Europe, companies constantly monitor each other for a chance to buy. Even in the initial, panicked stages of the financial crisis, several US investment banks looked closely at acquiring competitors as their stock prices fell.

Bear Stearns, for example, was considered as a possible takeover target by JPMorgan Chase as its share price collapsed in 2007 and early 2008, months before the US government helped to arrange a hasty marriage between the companies .

Stock prices have fallen in the Gulf, too. The UAE’s markets had one of the poorest runs among global exchanges in the financial crisis, circumstances that would seem ripe for a wave of takeovers. Nothing of the sort has happened.

Why? The reasons aren’t totally straightforward. Many Gulf countries, for example, do not levy corporate taxes, the avoidance of which is an incentive to consolidate in developed markets.

Most publicly traded companies in the Gulf are also not fully listed, with majority stakes held by governments, individuals or families off the exchanges. The involvement of those interests prevents unsolicited takeovers and means merging companies can be more difficult.

Those factors have pushed companies to look more favourably on foreign acquisitions than consolidation in the domestic market even though domestic companies, particularly in the UAE’s overpopulated banking and insurance sectors, are in much greater need of mergers and acquisitions.

Abdul al Jaidi, the chief executive of the Dubai-based Oman Insurance, told Arabian Business in June that he doubted a wave of consolidation would occur among the UAE’s insurers.

“But in terms of cross-border acquisition, I am very much in favour of that,” Mr al Jaidi said. “If it’s in the GCC or otherwise, then you are opening a new market for yourself, adding new opportunities for growth … and flourishing your image in the international market.”

Another problem is that very few mergers have taken place among large public companies, leaving uncertainty over how they would be handled by regulators and other government agencies.

While consolidation is relatively common in the private sector – the value of mergers and acquisitions targeting companies in the Middle East was US$11.9 billion (Dh43.7bn) in the first half of this year, according to the financial research company Zephyr – the typical takeover in the UAE is small.

Big mergers among listed companies are almost unprecedented. The merger of Emirates Bank International and National Bank of Dubai in 2007, which was officially completed only this year, remains by far the country’s largest ever tie-up between publicly listed companies.

Others have been tried, such as the failed talks last year between Emaar Properties, Dubai’s biggest developer, and Dubai Properties, Sama Dubai and Tatweer.

Amlak Finance and Tamweel, the country’s largest mortgage lenders, have also been in stalled merger discussions since November 2008.

And government officials are in talks to combine the publicly listed Dubai Financial Market with the Abu Dhabi Securities Exchange (ADX) in a bid to counter a large decline in trading volumes over the past year.

The biggest issue for would-be mergers, though, probably lies in the country’s underdeveloped regulations.

If a big company wanted to acquire a well-run competitor, the stock price of which had dropped in the recent market turmoil, it isn’t clear exactly how the transaction would work.

The Emirates Securities and Commodities Authority (SCA) does not have a firm set of rules governing takeovers, as was revealed recently when the International Petroleum Investment Company (IPIC) of Abu Dhabi announced its intention to take full control of Aabar Investments.

Confusion ensued and it was only after the SCA’s intervention that IPIC was forced to raise the price of Dh1.45 a share it was offering to buy out minority shareholders in Aabar, which is listed on the ADX.

There are no specialised courts in the UAE to mediate shareholder disputes and help guide mergers along, as is the case in the US. Nor is there an industry-led takeover panel in the UAE to do the work, such as the ones that exist in the UK, Australia and elsewhere.

Given the low stock prices of recent months combined with crowded property, insurance and banking sectors, the UAE has long been said to have been in dire need of more mergers.

In most markets, that’s exactly what would happen. But because of a lack of tax incentives, the large role played by governments and prominent families in company ownership and, most importantly, the lack of comprehensive rules for mergers, it hasn’t happened.

And until the rules are strengthened, it probably won’t.

afitch@thenational.ae

MBA Studios was hired to do the opening sequence from timecode 00:00 till 00:36. Tasks included modeling, lighting, shading, texturing, animation and post-production.

Source:  www.youtube.com

National Bonds Corporation is planning an international expansion drive after selling Dh1 billion (US$272.2 million) of bonds in the first half of the year, a top official of the Sharia-compliant company says.

The expansion plan comes as the company tries to shift its focus from poorly performing investments in property development.

National Bonds, established in 2006, still owns at least one large property, the Dh1.5bn Skycourts in Dubailand that was due to be handed over to buyers more than a year ago.

The company is also embroiled in a legal dispute and an arbitration case concerning two other large investments in property, according to court documents and financial statements.

Mohammed Qasim al Ali, the chief executive of National Bonds, said the company’s new goal was to “inculcate a savings culture that is badly needed” in the UAE and beyond.

Mr al Ali, who was speaking at a corporate suhoor in Dubai on Monday, said the company was in talks with banks, money exchanges and other financial institutions in neighbouring countries about selling its investment product.

“More people need to take control of their finances,” he said, adding that the company had created a system for UAE residents to automatically buy bonds each month through a standing order with their banks.

In 2007, Mr al Ali said 45 per cent of the funds were invested in property, but on Monday he spoke of a more balanced portfolio.

The company had “always gone against the market trend of lending and borrowing” by making “diversified investments”, he said.

While National Bonds does not issue quarterly statements and gives few details about its investments, the company has previously disclosed that it invests about half of the funds in Sharia-compliant, short-term instruments and the remainder in infrastructure and private equity.

Aside from putting more than Dh1bn into property in 2007 and 2008, other investments include the property management company BCS Strata Management Services, the convenience store chain SouqExtra and a stake in a portfolio of schools through the private operator Taaleem.

National Bonds is unique among prize-based savings schemes because it also gives its holders a return on their investments. This return dropped to 3.54 per cent last year, from 7.07 per cent in 2008 and 6.03 per cent in 2007. Investors must buy a minimum of Dh100 worth of bonds, which come in denominations of Dh10, but they can redeem them for cash at any time.

But the larger draw, financial advisers say, is the high-profile but low-probability chance of winning the Dh1m prize draw each month. It also gives out smaller, weekly prizes. In the first half of this year, more than 83,000 bondholders won prizes totalling Dh26m, the company said.

More than 8.5 per cent of the UAE population owns the company’s bonds. There are a total of 590,000 holders worldwide, the company said.

National Bonds, which is owned by the Dubai Government, Emaar Properties, Dubai Bank and Dubai Holding, uses the proceeds to make investments. The company must give a minimum of 20 per cent of its overall profits to the bondholders, with the remainder divided among its shareholders.

The company did not divulge the total amount of funds under its control, but earlier this year it said it had assets of Dh3.7bn.

bhope@thenational.ae

Bawadi is a mega accommodation tourism project launched on May 1 2006 by the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.

Bawadi

Developer Tatweer – part of Dubai Holding – plans a AED106bn [£15.4bn, 22.5bn euro, US$28.8bn] mixed-use primarily hotel project called Bawadi in the mega entertainment complex of Dubailand.

The six mile [10km] project will also feature:

• Entertainment centres,
• Shopping malls,
• Theatres,
• Restaurants,
• and Convention centres.

The project will be built in five phases. Initially, five hotels will open by 2010, with a further six opening by 2011. Seven hotels will be completed in both 2012 and 2013. The final phase will see six more hotels opening in 2014, bringing the total up to 31.

Tatweer will invest AED31.6bn (£4.6 bn, 6.7bn euro, US$8.6bn) in hotel developments and AED11bn (£1.6bn, 2.3bn euro, US$3bn) in infrastructure investment.

The remaining AED63bn (£9.2bn, 13.4bn euro, US$17.2bn) is expected to come from investors.

As well as the in house Tatweer designers responsible for the overall Bawadi project including infrastructure and landscaping Tatweer have appointed major international hotel designers for its specific hotel projects such as the 6500 room Asia Asia Hotel which is planned to be operational by 2010 and for which Tatweer have appointed Pelli Clarke Pelli ,the architects of the PETRONAS Towers, as the lead architects

As Arif Mubarak, Bawadi CEO stated:

“Pelli Clarke Pelli is one of the world’s leading architects. Conceiving the design concept for Asia Asia Hotel & Resort is a significant step in the development of the Bawadi project. We look forward to seeing the creative ideas envisioned by this outstanding architectural firm.”

Formed in 1977, Pelli Clarke Pelli is known for its over the top international hotel style that aspires to celebrate the unique characteristics of each project. Pelli Clarke Pelli has designed a number of the world’s famous buildings, including the Petronas Twin Towers in Malaysia.
‘We are extremely excited about crafting the architecture for Asia Asia Hotel & Resort, a project that will mark our entry to the emirate and continue Dubai’s drive towards becoming a global tourism hub,” commented Cesar Pelli, MD of Pelli Clarke Pelli.

Badwadi resort will be able to host more than three million tourists by 2016

There is little independent information available in respect of this project and most of this information derived from the developer.

A designated hotel precinct:

Reminiscent of the themed hotels of Las Vegas and Disneyland in Orlando, Florida, the Bawadi district will add 60000 rooms to the Dubai hotel inventory by 2016, and includes 51 hotels and more than 100 restaurants, theatres and shopping malls.

The first hotels are expected to open in 2010, with the remainder complete by 2014.

Laid out over 139 million square feet in Dubailand, the Bawadi hotel zone is going to receive an investment of $11 billion from the Dubai Government and the balance of more than $16 billion is to be raised from investors.

World’s biggest hotel:

Centre piece of Bawadi will be the world’s largest hotel, Asia-Asia which will have 6,500 rooms of which 5,100 will be four-star and 1,400 five star rooms.
The Asia-Asia hotel is scheduled for completion in 2010.

Anybody reading the new book from UAE Prime Minister and Ruler of Dubai, General Sheikh Mohammed bin Rashid Al Maktoum about his vision for the emirate should not be so surprised by this initiative. The vision of Dubai is somewhat akin to the biggest business plan in the world, according to those who have read the book..

The stated objective is for Dubai to have 15 million tourists a year by 2012 compared with 6.2 million last year. This clearly requires massive growth in hotel rooms – and Bawadi will make a big contribution, although many hotels are already under development elsewhere in the emirate.

Bawadi is being developed by a unit of Dubai Holding called Tatweer headed by Saeed Al Muntafiq, who has been leading the multi-billion dollar Dubailand theme park project since its inception and has an established track-record of delivering ambitious Dubai projects to date.

Government-led investment:

Tatweer, the Dubailands master developer, is to construct 12 themed hotels with 12,450 rooms and sell plots to investors for a further 39 hotels with 47550 rooms.

This is the classic Dubai Government pattern, with the government acting as a lead investor. It is significant that the government is taking such a large part of the investment in Bawadi for itself.

This confidence will doubtless not be lost on potential hotel investors who have a rare opportunity to buy into the Dubai tourism sector in the Bawadi district, and it is going to be fascinating to see who emerges as the main investors in this zone.

But with the present Dubai occupancy and room rates amongst the highest in the world  these hotel plots should be popular.

The location of Bawadi is certainly not the best site in Dubailands being at the lower end of the project at least 25-30 minutes drive away from the centre of old Dubai located around the Dubai creek.

Being away from Emirates Road means that it will not have direct Dubai Metro blue line access – but in any event monorail and tram lines right outside the hotel doors are planned to link Bawadi with the Dubai Metro stations on Emirates Road.

With 60000 rooms and probably 2-4 times that as many hotel guests in the Bawadi precinct each day its unfortunate that the precinct cannot be directly linked to the blue line – perhaps a feeder line can be installed later so hotel guests only have one instead of two stages to their hotel- airport journey .

It would have been better to locate the hotel precinct on a site in Emirates Road [see right of image] on the Dubai metro blue line so Dubailand visitors could simply take a single train journey for the airport [both the existing and the planned new airport are on the Dubai metro blue line] to their hotel in Dubailands – as lugging bags when arriving and bags [and bulk shopping] when departing from tram or monorail to train imposes an unnecessary barrier and delay to easy commuter travel.

Project details: Bawadi site plan:

Bawadi will also be the world’s biggest shopping area.

Total retail space will be in excess of 40 million square feet and will be developed and managed by Tatweer, Emaar, and the Al Gurai family who also own and operate other major Dubai city retail projects.

Hotels planned include:

• America Hotels & Resorts
• Holly Bolly Hotel & Resort
• Asia-Asia
• Ottoman Palace Hotel and Resort
• Pirates Cove Hotel & Resorts

Three sweeping boulevards will run the entire length of the new hotel precinct intersected by 12 cross roads – all linked by tram and monorail lines – but a designated metro line down one boulevard and up the other would have saved most hotel guests the bother of a two part tram/monorail train journey to and from the airport.

Site plan: 5 Themed districts:

The hotel districts of Bawadi are geographically themed with:

• Asian,
• European,
• Arabia,
• African,
• And American

precincts – all with their own distinctive regional architecture, and individual retail, leisure, and entertainment centres as well as hotels.

Room count:

• Asia Asia Hotel and Resort, 5 Stars, 6,500 rooms
• Fantasia Hotel and Resort, 4 Stars, 800 rooms
• Fashion Hotel, 5 Stars, 500 rooms
• Historia Hotel, 4 Stars, 800 rooms
• Holly Bolly Resort and Hotel, 5 Stars, 800 rooms
• La Musica Hotel and Tower, 5 Stars, 800 rooms
• Nautica Hotel, 4 Stars, 700 rooms
• Olympia Hotel and Tower, 4 and 3 Star, 1,500 rooms
• Palaces Hotel and Resort, 5 Stars, 1,000 rooms
• Golf Hotel and Resort, 5 Stars, 800 rooms
• Latino Resort, 4 and 3 Stars, 1,000 rooms
• America Hotel and Resort, 3 Stars, 800 rooms
• Europa Hotel and Tower, 5 + 4 Stars, several hotels. one with 400 rooms, one with  1,000 rooms, superior apartments
• Africa World Hotel, 5 + 4 Stars, 5 stars: 450 rooms, 4 stars: one hotel with 200 rooms and one hotel with 150 rooms
• Babylon Hotel and Tower, 4 Stars, 850 rooms
• Persia Hotel and Resort, 4 Stars, 850 rooms
• Camelot Hotel and Resort

Dubai is planning to begin construction on what will be the world’s largest hotel complex. The Bawadi Project, as it is called, will cost $27 billion and will be located just outside of Dubai City.

Bawadi

The goal of the project is to double tourism in the state, increasing the 6 million visitors from 2005 to as many as 15 million in the next decade. Complete construction will take approximately 8 years, though it will be done in stages, and will result in a total of more than 30 hotels and 29,000 hotel rooms, many of which will be in the 4 and 5 star categories.

The first part of the complex will be the Asia-Asia Hotel, which alone will provide 6,500 rooms. The development will also house a series of entertainment centers, shopping malls, theaters, restaurants and convention centers, catering to all the varied interests of tourists to Dubai.

Dubai, May 1^st, 2006: His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has unveiled the Bawadi hospitality project in Dubai – a AED 100 billion hospitality and tourism development which will see the construction of the world’s largest hotel.

The development will also feature the largest concentration of leading hotels anywhere in the world.

The project is to be developed and managed by Tatweer, a member of Dubai Holding and marks the entrance of Tatweer into the hospitality industry in Dubai.

Bawadi project has been conceived to develop capacity for the forecast dramatic increase in tourism to Dubai, which is set to reach more than 15 million visitors over the coming years, compared to the current six million tourists who visited the Emirate in 2005.

Saeed Al Muntafiq, CEO of Tatweer said: “The launch of this project effectively signals the next major phase in tourism development in Dubai as we look forward to the next eight years of major growth.”

“Strategically this development represents a significant platform in the development of tourism in the Emirate, in terms of growing capacity, and will confirm Dubai as one of the world’s premier destinations.”

Bawadi will add an additional 31 hotels to the Emirate over the next eight years, nearly doubling the current number of hotel rooms in Dubai. Centerpiece of the development will be the world’s largest hotel, Asia-Asia, which alone will provide 6,500 rooms, combining 5,100 four star and an additional 1,400 five star rooms.

Not only will the Bawadi project help to stimulate direct growth in the tourism industry in the UAE, but it will act also as a strong catalyst to tourism dependent industries such as MICE (Meetings, Incentive Travel, Conventions and Exhibitions) and the corporate travel business.

The announcement of this development follows extensive research into the dynamics of the tourism market in Dubai and projections over the next eight years in terms of growth and development.

The AED 100 billion investment will comprise a AED 30 billion investment from Tatweer in hotel developments and AED 10 billion investment in infrastructure. The remaining AED 60 billion is expected to come from investors.

The total capacity of the Bawadi development will be 29,200 rooms out of which 12,450 will be developed by Tatweer’s 12 themed hotels, with a further 16,750 rooms being developed by investors through the construction of another 19 hotels.

In addition, Bawadi will become one of the world’s most exciting entertainment and leisure hubs through the development of entertainment centers, shopping malls, theaters and attracting leading hotel brands, restaurants and convention centers. It will cater to all the needs of the wide variety of tastes of the tourists that visit Dubai.

“The Bawadi project will occupy an area of 10 kilometers and will have the highest concentration of hotels in the world,” Muntafiq explained.

“It is expected to host 3.3 million guests by 2016 which in turn will represent more than 21% of the total number of tourists that Dubai expects to host by that time.”

Tatweer will develop a series of luxurious theme-based hotels such as the Desert Gate Hotels & Resorts, the Wahat Alkuttab Hotels, the Desert Beach Hotel & Resort, the Land of Arabia Hotels & Resorts, the Wild Wild West Hotels, the Africa World Hotels, the Europa Hotels & Resorts and the Pirate’s Cove Hotels & Resorts.

The hotel projects will be developed in five distinct phases to scale with the growth of the tourism in-flow to Dubai. Initially five luxury hotels will open by 2010 with a further six to open by 2011. Seven hotels will be completed by 2012, seven in 2013 and the final fifth phase will see six further hotels opened in 2014.

-Ends-

About Tatweer
Launched in December 2005, Tatweer is one the region’s most promising enterprises and the owner of seven market-leading companies and an ambitious business development plan. Its current portfolio is divided into Energy & Healthcare, Tourism & Entertainment, Industry & Knowledge, and includes forthcoming projects that will persist to the best perceived excellence standards in the strive to work Dubai up to the world-class enterprise vision that is set to be accomplished in the imminent future.

A member of Dubai Holding, Tatweer and its entities, Dubai Land, Dubai Healthcare City, Dubai Energy, Dubai Industrial City and Moutamarat will continue to consolidate a group of life-improving industries. In addition, it has pioneered the market with joint venture initiatives with leading companies such as the New York Mercantile Exchange or the Saudi Research and Publishing Company.

Tatweer will continuously strive for world-class performance implementing leadership development to drive and sustain business excellence, quality and high performance.

For More Information
Agency:
Tarek Sakik
Senior Account Manager
Jiwin the Public Relations Arm
Of Dubai Press Club
Phone: +971-4-3613593
Email: Tarek.Sakik@Jiwin.ae

Tatweer:
Jorge Camara
Assistant Manager-Marketing
Tatweer
Member of Dubai Holding
Phone: +971-4-3192328
Email: Jorge.Camara@tatweerdubai.com

Bawadi by Tatweer in Dubailand, Dubai: A state-owned Dubai company plans to build a Dh100 billion tourist and leisure resort in the city that will feature a cluster of 31 hotels, including the world’s biggest, and some 100 theatres presenting live cultural shows.

Tatweer, a unit of Dubai Holding, said the project will boast the largest concentration of leading hotels in the world and help Dubai cope with the 15 million tourists it hopes to attract by 2010.

Called Bawadi, the project will nearly double the current number of hotel rooms through several themed hotels and also develop entertainment centres, shopping malls, theatres, restaurants and convention centres.

Unveiled yesterday by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the project will be spread over 139 million square feet in Dubailand.

“Tourism as an industry plays a major part in the economic development of this country and this project was instructed to be developed by Shaikh Mohammad about a year ago,” Tatweer’s chief executive officer Saeed Al Muntafiq said after the unveiling.

The giant project, set up after extensive research on the dynamics of the tourism industry, will also boost tourism-dependent industries such as meetings, incentive travel, conventions and exhibitions as well as the corporate travel business.

Of the total investment needed, Tatweer will spend Dh30 billion to develop hotels and another Dh10 billion on infrastructure that will be raised through its own private equity and debt. The remaining Dh60 billion is expected to come from investors.

Al Muntafiq said the company approached investors in the regional tourism and leisure industry to be partners, some of whom will be announced during the Arabian Travel Market that opens today.

They would include investors, hotel operators and joint venture partners.

The centrepiece of Bawadi will be the world’s largest hotel, Asia-Asia, which alone will comprise 6,500 rooms, combining 5,100 four-star and an additional 1,400 five-star rooms.

Asia-Asia will be a part of the first phase of development, which includes total spending of Dh12 billion by Tatweer in hotel and infrastructure, and will be completed by 2010.

The capacity of Bawadi will be 29,200 rooms, out of which 12,450 will be developed by Tatweer’s 12 themed hotels, with another 16,750 rooms developed by independent investors in another 19 hotels.

Together, the hotels are expected to host 3.3 million guests by 2016, that will be more than 21 per cent of the total number of tourists that Dubai expects to receive by that time.

Bawadi, a member of Tatweer, and Emaar Properties PJSC, the property developer with a significant presence in 16 countries, have joined hands to develop 70 million sq ft of land in Bawadi, the largest hospitality and leisure development in the world, located in Dubailand.

Bawadi

• Joint venture with equal equity participation to develop 70 million sq ft of land in Bawadi
• Six hotels with 5,150 keys and 1,200 serviced apartments
• Family-oriented theme park, lush green parks and lakes

The Dhs60bn project will be a signature development by the joint venture with equal equity participation by Bawadi and Emaar. Bawadi will contribute 70 million square feet of land valued at Dhs3.85bn in lieu of its ownership interest. Emaar will contribute Dhs3.85bn in cash to the joint venture over the project construction period to finance the project build.

Depending on project phasing, Bawadi will transfer corresponding land rights to the joint venture and Emaar will contribute its equivalent portion of cash to the joint venture. The joint venture is expected to generate earnings by 2009. The management expects that the compounded annual rate of returns on the project will exceed 15 per cent.

The joint venture will be governed by a board that will have equal representation from both Emaar and Bawadi, with its Chairman appointed by Emaar. The joint venture will be managed by Emaar through a management and technical services agreement.

The joint venture will add a 15 million sq ft family-oriented theme park, featuring a wide range of attractions matching global standards. Reflecting the project’s brand name, it will be at the heart of Bawadi, a part of Dubailand, and located in close proximity to Arabian Ranches, another Emaar signature project.

A place to live, work and play, the new development will have a total built-up area of 60 million square feet. Multiple business hubs will offer a total of 2.7 million square feet of commercial space while the shopping mall and high street retail properties will offer 3.2 million square feet of retailing activity. The boulevard will be fringed by six hotels offering 5,150 keys and 1,200 serviced apartments to serve the influx of tourists and visitors. The residential community will feature 18,000 residences, comprising a mix of low-rise villas and townhouses as well as high-rise towers with modern finishes. Lush, green parks and lakes will be an integral part of the development’s landscape. Master-planning for the project is expected to be completed in six months and work will commence soon after.

Commenting on the joint venture Mr Mohammed Al Gergawi, Executive Chairman of Dubai Holding, said: “The partnership of Bawadi and Emaar signals the new direction of growth envisaged for Dubai by UAE Vice President & Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum in the Dubai Strategic Plan. One of the focal areas of the Plan is tourism development and we are confident that the abilities of the two companies will contribute effectively to support the sector.”

Mr Mohamed Ali Alabbar, Chairman of Emaar Properties, added: “As the pioneer of master-planned communities in Dubai and with an accomplished track record in creating world-class developments, Emaar has established credentials in property development. Our partnership with Bawadi will increase our land bank in Dubai by 76 per cent to 162 million square feet. This transaction is a perfect fit to the Dubai Strategic Plan outlined by His Highness Sheikh Mohammed, which underscores the need for Dubai taking leadership position by leveraging on its strengths.”

Mr Saeed Al Muntafiq, Executive Chairman of Tatweer said: “Bawadi is a flagship development for Tatweer. By sharing synergies and resources from both Bawadi and Emaar, the new joint venture will strengthen the hospitality, leisure and residential infrastructure of the project, and give further impetus to tourism growth in Dubai.”

Bawadi is envisaged as the longest chain of luxury hotels in the world along a 10 kilometre stretch which will add 51 luxury hotels and more than 60,000 rooms to Dubai. A highlight of the development will be the 6,500-room Asia Asia Hotel & Resort.

The joint venture marks a new phase in synergistic growth to further consolidate Dubai’s premier positioning as a world-class city. It will specifically focus on creating a master-planned development within Bawadi that complements the overall theme.