Marriott International announced 13 deal signings in Turkey comprising over 2,000 rooms.
25.08.2023 - 14:36 / skift.com / Peden Doma Bhutia
Dubai-based property developer Nakheel announced it has secured $4.6 billion in strategic financing deal to drive what it calls, “the new phase of growth.”
The amount includes refinancing of $3 billion, and additional funds of $1.6 billion.
The developer of Palm Jumeirah said that the finance would be utilised to accelerate the development of its new projects including Dubai Islands and other large waterfront projects.
Looking to redefine the concept of waterfront living, Nakheel announced its plan to develop another man-made island — Dubai Islands — situated along the emirate’s northern coastline, comprising five islands over a total area of 17 square kilometres.
The property developer said Dubai Islands would be home to over 80 resorts and hotels, including luxury and wellness resorts, boutique, family and eco-conscious hotels.
This year, Nakheel announced that it would also relaunch and rebrand Palm Jebel Ali, a project that has been left dormant since 2009.
Recently, one of the mansions at the Palm Jumeirah sold for $82 million, pegging it to be the most expensive house sale ever in Dubai.
The $4.6 billion financing reflects the confidence of the banking institutions in the strategic new focus of the company, a Nakheel spokesperson said.
Despite the challenges of the pandemic, Nakheel said that it has invested in building a strong assets portfolio and pipeline of new developments in the last two years.
The company attributed the robust growth of the Dubai real estate sector to regulatory reforms, such as the issuance of long-term visas, and an economy buoyed by the retail, leisure and hospitality sectors.
Marriott International announced 13 deal signings in Turkey comprising over 2,000 rooms.
In the second quarter of 2023, the Middle East’s hotel construction pipeline has seen significant growth, marking its highest project count since the first quarter of 2020, according to Lodging Econometric’s Middle East Hotel Construction Pipeline Trend Report.
The Central Bank of the United Arab Emirates this week revised the nation’s gross domestic product (GDP) growth for 2022 from 6.5 percent to to 7.6 percent. Explaining the reason for the renewed forecast, the bank cited stronger than anticipated performance of non-oil sectors, including tourism, hospitality, real estate, transportation and manufacturing. In its review report for the third quarter, the Central Bank noted that it expects non-oil gross domestic product to grow by 6.1 percent in 2022, compared to its previous estimate of 4.3 percent, while it expected oil gross domestic product to grow by 11 percent in 2022. Explaining the reasons for the steady growth in gross domestic product, the report cited the removal of most Covid-related restrictions, in addition to recovery of the tourism sector, real estate and construction boom, expansion of manufacturing activities, as well as the hosting of global events.
Silkhaus, a United Arab Emirates-based platform for short-term rentals, announced on Tuesday that it has raised $7.75 million in a seed funding round.
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Integrated resort operator Wynn Resorts confirmed that it would be operating a casino at its resort in Ras Al Khaimah.
Marketers beware: Prior ways of marketing to Chinese consumers, including travelers, won’t work as well today because their preferences changed during the pandemic.
The United Arab Emirates government on Sunday announced the lifting of all precautionary measures implemented in the country during Covid-19. With the lifting of restrictions, wearing of masks has now been made optional in all open and closed facilities, including places of worship and mosques. However, those categorized as “people of determination” would be required to wear mask while visiting health facilities and centers. The Al Hosn app would now only be required to furnish proof of vaccination and for test results inside and outside the country, when required. The green pass on the app would no longer be required to enter public facilities and sites. The requirement of a polymerase chain reaction test would also no longer be made mandatory for those attending or participating at sporting events. The authorities said they have decided to ease the restrictions after studying the epidemiological situation in the country and having monitored occupancy rates in hospitals and intensive care for Covid cases.
Looking to position itself as a leading tourism destination in the Middle East, Dubai has scrapped the 30 percent municipality tax on alcohol for what has been called a trial period of one year, till December 31. Also, tourists and expats will no longer need to pay a fee to secure a personal liquor license to purchase alcoholic beverages. However, an Emirates ID, or passport for tourists, will still be required. The change that came into effect from Sunday, was confirmed by Maritime and Mercantile International, one of the biggest alcohol retailers in the United Arab Emirates and a subsidiary of the state-owned Emirates Group.
In a bid to boost tourism’s contribution to the national gross domestic product to $122 billion a year by 2031, the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, launched the UAE Tourism Strategy 2031 on Friday. Eyeing an annual increase of $7.4 billion, the tourism startegy aims to attract new investments of $27.2 billion to the tourism sector in the country, and attract 40 million hotel guests in 2031. The strategy includes 25 initiatives and policies to support the development of the tourism sector in the country, according to the government media office. With the return of tourists, the United Arab Emirates’ tourism revenues surpassed $5 billion in the first half of this year.
A job opening for a hotel wanting an “organic chef” or someone who can handle “procurement and environmental, social, and corporate governance,” underlines the importance of sustainability as a value proposition helping them with talent acquisition and retention.