Dubai: Azizi Developments announced its plans to invest Dh60 billion through the launch of 50 upmarket, luxury hotels and resorts and one seven-star hotel in Dubai, on Friday. The developer will add close to 20,000 new keys to Dubai’s hotel stock over the next five years.
The announcement also follows Azizi’s recently revealed plans to enter the hospitality sector, with its new Chief Operating Officer - Hospitality, Mr. Michael Zager, leading the developer’s newly established hospitality division.
The developer has already acquired most of the necessary plots of land for its hotels and is planning to launch the construction before the end of 2023.
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“With the UAE’s Tourism Strategy 2031 aiming to leverage public-private partnerships and seeking to attract over Dh100 billion in new investment in the tourism sector, we have decided to make a major investment in the hospitality sector,” said Mirwais Azizi, Founder and Chairman of Azizi Developments. “With the investment of Dh60 billion over the course of the next five years, we aim to become a major part of Dubai’s promising future as a global hub for tourism.”
Azizi will showcase its upcoming hospitality projects to its stakeholders across the globe in the coming months.