Dubai Holding on Monday introduced new commercial incentive packages to encourage hotel and leisure industry investors to enter the three and four-star hotel segment.
The step comes as part of the investment company's strategy to support the development of Dubai’s tourism sector and in particular the objectives outlined in the Emirate’s Tourism Vision 2020.
One of the elements of that strategy is to attract investors to the three- and four-star hospitality segment by offering plots of land suitable across TECOM Investments and Dubai Properties Group destinations and districts.
Dubai Holding said it has identified 40 different plots after careful consideration of location, plot size, master development profile, logistics and infrastructure availability.
The total number of rooms estimated from Dubai Holding’s 40 plots is between 7,500 and 8,500 rooms. Eighteen of the plots are in TECOM Investment’s communities, while the other 22 plots are situated across DPG’s destinations and districts.
Ahmad Bin Byat, CEO of Dubai Holding, said: “As a major contributor to Dubai’s long-term economic development, we are excited to be able to play a significant role in achieving Dubai Tourism Vision 2020. We are currently studying a range of initiatives and are proud to announce the first of them today.
“We believe the commercial incentive packages we are launching will attract investors looking for unique opportunities in Dubai. We also believe that these packages offer an excellent opportunity for Emirati small and medium businesses and entrepreneurs who are interested in being part of the Emirate’s growth and to help shape its future.
"By offering land to a multitude of investors, we are opening the door for investors to bring international brands or develop their own, and in turn increase the options available for Dubai’s tourists in the years up to 2020 and beyond.”
Currently there are 14 three and four-star hotels and serviced apartment hotels at TECOM Investments and DPG’s destinations and districts including brand names like Radisson blue, Holiday Inn Express and Ramada Plaza.
The Tourism Vision 2020 aims to double the number of annual visitors from 10 million in 2012 to 20 million in 2020 and triple the economic contribution of the tourism sector by that time.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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