Dubai hotels attract increased foreign investment

A series of directives from HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to streamline and speed up hotel development are set to increase the level of direct foreign investment (FDI) in the sector, according to the Annual Investment Meeting (AIM).

Investment in tourism and the importance of FDI will be key topics on the agenda of AIM, which runs from April 8-10 in Dubai and is expected to attract more than 10,000 visitors from 120 countries.

AIM’s Organizing Committee CEO Dawood Al Shezawi commented: “In light of a series of directives by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, to simplify procedures for hotel investments in Dubai, we anticipate a huge interest from international investors keen to explore opportunities in the country.

"We have seen rising interest from investors in hotels and resorts, which will definitely give rise to ambitious and high-profile projects, especially in the UAE and some other countries.

"The directive of HH Sheikh Mohammed bin Rashid Al Maktoum stipulates minimizing the timeframe needed for getting preliminary approvals for hotel projects to just two months, from the usual period of between 3 to 6 months. This is a proactive move which will attract more investments into the country, giving a huge boost to tourism and real-estate industries in the short and long run,” said Shezawi.

He added that AIM would also address the prospects of investment in other emerging economies of the world.