Deyaar to set-up five hotels by 2018 in Dubai

Dubai-based developer Deyaar Development is planning five new hospitality projects in Dubai by the end of 2018, company officials revealed to Hotelier Middle East’s sister title Construction Week.

On the side lines of a site visit to one of Deyaar’s mixed-use projects, The Atria; Iyad Charchar, vice president for project and engineering at Deyaar, told Construction Week that the company has already signed three hospitality projects.

“We have already signed three hospitality projects, and two more are intended to be agreed by 2016.”

“By the end of 2018, we aim to have five hospitality projects in operation in the emirate.”

The developer has also signed a strategic Memorandum of Understanding (MoU) with Millennium Copthorne to operate its hotel in The Atria.

“We have signed a strategic agreement with Millennium to operate the hotel apartment in The Atria.”

Charchar added: “We are also in the process of signing a number of agreements with [the company] to operate more hospitality projects for us in the future.”

Deyaar reported a 14% increase in their fourth quarter net profits for 2015.