Al Ruwad Real Estate Consultants have announced the launch of eight plots in the Al Jaddaf area for investors in the hospitality industry.
The 250,000ft plots of land are allocated for 3 and 4 star hotel projects, with over 2,200 hotel rooms.
Preliminary approvals from the concerned authorities have been already obtained, a senior official said.
Al Ruwad Managing Director, Ismail Al Hammadi said: “As part of our many initiatives, we want to open the door for investors and economic activities of the small and medium enterprises to take an energetic role in the promotion of the real estate scene.
“As for the Al Jaddaf area, I say why not Al Jaddaf, it is the meeting point of the two parts of Dubai Creek, Deira and Bur Dubai, and reflects the heritage attractiveness with its new semblance.”
The Al Jaddaf area is also located within the proximity of Dubai Design District – the upcoming home for design, fashion and luxury including creative community, waterfront, residential, offices, museum, academy & beach club is operated by Tecom Investments, a member of Dubai Holding.
The move comes after His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, approved ‘Dubai's new Tourism Vision for 2020’, which aims at attracting over 20mn visitors annually by 2020, trebling sector’s contribution to the Emirate’s economy to almost AED300bn.