Business | Tourism
Dubai firm plans $2b Islamic hotel chain
Company seeks partners for hospitality project.
- Reuters
- Published: 01:10 March 4, 2008
Dubai: Dubai-based Al Mulla Hospitality said yesterday it is seeking partners for a $2 billion plan to develop a hotel chain that complies with Islamic law, including a ban on alcohol.
The company plans to develop as many as 90 hotels in the Gulf, Egypt, Thailand and Europe, it said in a statement.
"The market for Islamic hotels is currently fragmented due to lack of professional management and we recognise the growing need for a professionally-operated international hotel chain which operates on Islamic principles," the firm's chairman Abdullah Mohammad Al Mulla said in the statement.
The hotels will also only serve food that Muslims are allowed to eat.
Al Mulla estimates the value of investment in hotels across the Middle East over the next 12 years will be about $1 trillion and is aiming to capture about five to 10 per cent of the market.
Financial products
Demand for Islamic fin-ancial products has surged as more of the world's 1.3 billion Muslims seek investments that comply with their beliefs.
"The company plans to grow its portfolio through management contracts, joint venture investments and acquisitions," it said.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
