Eight plots of land covering 250,000 square feet - and allocated to three- and four-star segment - are to be offered to investors in the hospitality industry in the Al Jaddaf area of Dubai.
The plots, to be sold by Al Ruwad Real Estate Consultants, will add 2200 rooms to Dubai’s pipeline.
According to the company, preliminary approvals from the concerned authorities have been already obtained and the decision to target this part of the market is based on the government’s own push in this area and the incentives being offered to developers.
The company also cited a recent study by Bloomberg which indicated that Dubai ranked second on the list of most expensive cities in the world for hotel rooms.
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Al Ruwad managing director Ismail Al Hammadi said: “As part of our many initiatives, we want to open the door for investors and economic activities of the small and medium enterprises to take an energetic role in the promotion of the real estate scene.
“As for the Al Jaddaf area, I say why not Al Jaddaf? It is the meeting point of the two parts of Dubai Creek, Deira and Bur Dubai, and reflects the heritage attractiveness with its new semblance.”
“Not to mention its strategic position in the heart of Dubai, Al Jaddaf is located west of Dubai and is bordered by the Dubai Creek, Zabeel, Um Hurair 2, and within the vicinity of Dubai Mall, Boulevard Mohammed bin Rashid, Burj Khalifa, which attracted more than 65 million visitors last year, exceeding the number of visitors to New York City.”
Startegically, the area is well-placed for transport links, with its location on the main roads of Dubai including Sheikh Zayed Road, Sheikh Rashid Road and the Business Bay Junction. It is also close to Dubai International Airport and Metro stations.
At present, hotel investment in the area has been limited to a five-star Marriott Hotel and two three-star hotels. Another three are currently under construction.
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