Company: Ramee Group
Vardaraj — better known as Raj — Shetty runs one of the region’s largest home-grown hotel chains.
His Dubai-based hospitality firm Ramee Group of Hotels and Resorts has 40 properties in its portfolio in the UAE (12), Bahrain (nine), Oman (three) and India (seven), and also runs a shopping mall in Chennai.
Earlier this year, Ramee Group announced the 100 percent acquisition of Bahrain’s Ramee Grand Hotel and Spa in the Seef area as well as major expansion plans.
In December last year, the firm also snapped up Bahrain’s stalled Juffair Views scheme for $9.5m in a public auction. The group plans to spend an additional $18.5m to finish the part-complete residential tower on which work started in 2007, according to chairman Shetty. The five-star hotel will open in Manama by 2020. The group’s director of operations in India said earlier this year that it was considering entering Iran, amid growing opportunities there.
Ramee Group also has property under construction in Business Bay, Ramee Grand Hotel and Spa, a 200-room project that is due to open in 2019.