Business | Property
Zabeel to invest Dh1.85b in Bawadi tourism project
Zabeel Investments will invest Dh1.85 billion to develop America Hotels and Resorts as part of the Dh100 billion Bawadi hospitality and tourism project.
- Staff Report
- Published: 00:00 September 18, 2006
Dubai: Zabeel Investments will invest Dh1.85 billion to develop America Hotels and Resorts as part of the Dh100 billion Bawadi hospitality and tourism project.
America Hotels and Resorts will be one of the 31 thematic hotels currently under development at Bawadi.
Hosting New York's Broadway acts, the project will be of three-star rating, and comprise 500 rooms, global restaurant chains and a shopping boulevard modelled on New York's 5th Avenue.
Zabeel Investments is a multi-diversified investment company focussing on commercial real estate development and management, private equity and asset management in the UAE, GCC and overseas.
Its collaboration with Bawadi will further strengthen its portfolio as developers in the hospitality sector.
An agreement was signed yesterday by Arif Mubarak, CEO of Bawadi, and Mohammad Ali Al Hashimi, executive chairman of Zabeel Investments.
"This is our biggest venture in the hospitality sector yet. We hope to meet and exceed expectations by developing this unique resort as the ultimate destination within Bawadi," Al Hashimi said.
Mubarak said: "Zabeel Investments represents a benchmark alliance to ensure the highest standards of excellence."
Over the next eight years, Bawadi projects will double the current number of hotel rooms in Dubai.
At centrestage will be the world's largest hotel, Asia-Asia, which alone will add 6,500 rooms.
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