Bank Muscat-linked fund buys Movenpick hotel in Dubai

A new fund managed by the asset management division of Bank Muscat has made a luxury hotel in Dubai its first acquisition.

Bank Muscat GCC Property Income Fund, which was launched earlier this month to harness opportunities in the property market, has bought Movenpick Hotel Jumeirah Beach, a five-star hotel located in the prestigious beachfront area of Jumeirah Beach Residence in Dubai.

"Dubai's hotel property markets are witnessing acceleration in growth and the fund is optimistic about generating a superb cash yield to its investors," said AbdulRazak Ali Issa, chief executive of Bank Muscat.

Global law firm Dentons said it advised on the sale of the Movenpick Hotel, without disclosing the value of the deal.

Commenting on the transaction, Iain Black, Dentons' corporate partner, said: "We are delighted to have advised the owners on this important transaction which is one of the few luxury hotel sales in the UAE in recent years and reflects the growing momentum in the GCC hotel sector in the run up to Expo 2020 and Qatar 2022.

Dentons has also advised on hotel projects such as Etihad Towers, Atlantis the Palm, Barr Al Jissah Resort & Spa and the W Hotel Palm Jumeirah.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia, other issuers gear up as Gulf bond crush looms

Saudi Arabia, other issuers gear up as Gulf bond crush looms

Cash-strapped region gears up for one of its heaviest-ever periods...

Saudi central bank fights to curb money rate rise

Saudi central bank fights to curb money rate rise

Commercial bankers say more radical steps may be needed to fight...

Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Most Discussed
sponsoredTracking