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Wed 9 Sep 2015 04:13 PM

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Dubai's Deyaar inks deal to develop 1,000 UAE hotel rooms

Developer signs agreement with Millennium & Copthorne Hotels to build hospitality projects in the country

Dubai's Deyaar inks deal to develop 1,000 UAE hotel rooms
Deyaars Atria project in Dubai.

Dubai-based Deyaar Development and Millennium & Copthorne Hotels are set to establish a strategic alliance for developing and operating new hospitality projects in the UAE, totalling approximately 1,000 rooms.

The memorandum of understanding (MoU) aims to establish a long term business relationship that will serve as a platform for Deyaar and Millennium & Copthorne to develop hotel and hospitality projects in the country, in accordance with Sharia-compliant standards.

Saeed Al Qatami, CEO of Deyaar, said: "Deyaar has allocated up to one million square feet of land for hospitality projects as part of our growth strategy. We have already announced several hotels and hotel apartment projects as part of our ongoing development pipeline.

"As a logical progression, we decided to expand our hospitality portfolio and commenced serious conversations with reputed and established international hotel operators such as Millennium & Copthorne.

"This MoU reiterates our commitment to introduce new hospitality units into Dubai's vibrant tourism sector and contribute in helping the emirate achieve its tourism objective of adding 160,000 new hotel rooms by 2020."

Ali Hamad Lakhraim Alzaabi, president and CEO, Millennium & Copthorne Hotels MEA, added: "We have aggressive growth plans for the Middle East and Africa region, with an aim to open 100 hotels by 2020. We believe that our agreement with Deyaar will help us achieve our targets within the set timeframe."

Deyaar is currently developing hotels in an effort to broaden its offerings and expand its hospitality impact on the UAE market. Its portfolio includes The Atria, a project situated in the upscale Business Bay area that marked its foray into the hospitality sector.

The company has also announced a hospitality tower as part of its Montrose project, and has to its credit a third hospitality project in Al Barsha area.

Millennium & Copthorne Hotels owns, asset manages and/or operates over 120 hotels worldwide including 22 in the Middle East and Africa, with plans to grow that number to 100 by 2020.

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