03 May 2006
Dubai: This week's launch of the Dh100-billion Bawadi project, which will create 31 hotels and other facilities in the next eight years, has not killed Dubai's appetite for mega plans, chief of the government firm responsible for the development said yesterday."What we are (already) building is not enough," Saeed Al Muntafiq, chief executive officer of Tat-weer told Gulf News.
Dubai received six million tourists last year and hotel occupancy rates were reported 90 per cent. The city has set a target 15 million tourists by 2010.
"As far as our data is concerned, Dubai needs 80,000 rooms in total by 2010," Al Muntafiq said.
He said the government has many plans to bridge the gap between demand and supply of hotel accommodation.
"Bawadi is just one of those plans. There are many other projects that are in the pipeline in terms of tourism and leisure," the Tatweer chief said.
He said Bawadi, which means "deserts" in Arabic, is "a great opportunity" for the global players to come and operate the planned hotels when they are built.
In total there are three phases and the first phase is scheduled for completion by 2010.
"The first phase is going to focus on infrastructure and building hotels. The second and third phases will be predominantly investor projects. The whole project will be completed by 2016," Al Muntafiq said.
The flurry of mega projects is being supported by "so much liquidity in the region that is trying to find a home," he said.
In the last three years, 70 per cent of all investment in Tatweer's projects Dubai Healthcare City, Dubai Industrial City, Dubailand has come from the Gulf and 30 per cent from outside.
A few days ago, Abu Dhabi announced it would develop tourism projects worth Dh100 billion on Saadiyat island.
However, Al Muntafiq finds such large-scale investments inadequate to support the region's tourism growth potential.
"Tourism into the Gulf region today is fixed around one city. This has to change and this will change in the next 10 years as a result of these projects in Dubai, Abu Dhabi, Oman and Qatar. I think this is healthy. The pie is becoming bigger, therefore, your piece of the pie, even if stays at the same percentage, is also bigger," he said.
The centrepiece of Bawadi will be the world's largest hotel, Asia-Asia. The 6,500-room hotel will be shaped like the Petronas Twin Towers of Kuala Lumpur.
Most Bawadi projects will be created in the shape of iconic buildings around the world.
Trump property to offer unique concept
Nakheel, the UAE's premier property developer, and Donald J. Trump Jr. yesterday revealed further details of the Trump International Hotel and Tower, the centerpiece of The Palm Jumeirah.
The new design a collaboration between The Trump Organization and Nakheel Hotels & Resorts was unveiled this week.
Donald J. Trump Jr., Executive vice-president of Development and Acquisitions, The Trump Organisation, commented: "The Trump International Hotel and Tower, The Palm Jumeirah, is a 48 storey mixed-use condo hotel and residence comprising a 300 room condo hotel and 360 free hold residential apartments.
The property will pioneer the condo-apartment hotel concept in the region, a concept that has been highly successful in our properties around the world.
"It will provide a unique opportunity to own an elegant and contemporary appointed hotel suite in the heart of The Palm Jumeirah, one of the world's most exciting real estate developments and destinations.
A condo-apartment serves as a convenient in-town pied a terre for those seeking a second or even third home, with the benefit of Trump's superlative service. When not occupied, the client will have the ability to make their suite available through the hotel's rental programme."
The Trump Organisation will have sales, marketing and management responsibility for the property, with Nakheel Hotels & Resorts responsible for development. Construction will commence late this year, and sales will begin in 2007. It is expected that the property will be completed in 2009.
Sultan Ahmad bin Sulayem, Executive Chairman of Nakheel, stated: "Dubai hotels recorded $2.15 billion in 2005, up from $1.5 billion in 2004. There are a high number of repeat visitors on both business and leisure and the condo apartment hotel concept provides the opportunity for corporations or individuals to purchase a suite, which they can use for a certain amount of the year and benefit from the profits made on it as a hotel room for the remainder of the year. Further, we expect the property to appreciate over time, creating greater asset value."
By Shakir Husain
Gulf News 2006. All rights reserved.
