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Nakheel plans for nine hotel developments

Property developer may add four new hotels in Deira island

NEWS, Business, Construction, Deira island, Hotel, NAKHEEL

Property developer Nakheel has revealed plans to have nine hotel developments in Dubai by 2016.

Chairman Ali Rashed told a news conference this week that Deira island is the potential site for the construction of four hotels, along with its existing one, adding to four other developments across the rest of the city.

The hotels will be part of new projects with a sales value of $1.63bn (AED6bn)  to $2.1bn (AED8bn) that Nakheel will unveil this year, including homes, retail and leisure destinations, he said.

“We are seriously thinking of expanding in hospitality, which goes along with the vision of the Dubai government of trying to build enough facilities,” Lootah said. “By 2016, we will have nine hotels and more to be announced.”

Dubai’s economy expanded 4.9% in the first half of 2013, led by the hotel and restaurant industry, as growth in the Middle East’s tourism and financial hub rebounded. Traffic through Dubai’s airport, the world’s second-busiest by international passengers, surged 15% to 60.4m in the 11 months through November, official statistics show.

As previously reported, Nakheel posted a profit of $700m for the financial year ending 31 December 2013 - a 27% increase on 2012.

Revenues of $2.56bn in 2013 were up 20% on revenues of $2.12bn for 2012.

Nakheel expects to deliver about 1,600 homes this year after handing over 3,150 homes last year. At the end of December, it had a new development pipeline of almost 3,500 homes at an estimated value of (AED10bn), about 3.6m square feet of leasable retail space with an investment value of (AED6bn) and more than 1,200 hotel rooms at a value of (AED1.5bn). 

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