Developer targets growing halal tourism sector
Opportunity to invest in first hotel apartments in Dubai to receive official Sharia-certification
Dubai, United Arab Emirates - Following a sold-out phase one, DAMAC Properties announces a limited release in Ghalia during the holy month of Ramadan with a special payment plan for investors. Ghalia offers the first certified Sharia-compliant serviced hotel apartments, with construction already underway, and will be operated by DAMAC Hotels & Resorts, the hospitality arm of DAMAC Properties.
The 38-storey tower in Jumeirah Village will comprise 742 keys, with furnished units ranging from studio, one, two and three bedroom apartments, with prices starting at AED 550,000. Conveniently located in Dubai South and in close proximity to popular destinations in Dubai as well the arterial Sheikh Zayed Road and Dubai World Central, Ghalia's units are designed to provide a contemporary living experience that combines the comforts of home with the service standards of a hotel plus the added feature of Sharia-compliant amenities.
Ziad El Chaar, Managing Director, DAMAC Properties, said: "The demand arising from halal tourism is gaining traction in Dubai, with a significant number of visitors from the GCC, and most notably Saudi Arabia, who seek luxury accommodation options, which are also Sharia-compliant. Saudi tourists represent the largest number of visitors from the GCC, with 1.5 million visiting Dubai last year and this number is expected to reach 2.5 million by 2020. Considering the demand for such accommodation along with the limited supply, we at DAMAC Properties, see this scenario as a huge opportunity to tap into. Similarly, for investors, this translates into a lucrative investment due to the potential rental yields whilst being in compliance with the financial principles of Sharia."
According to findings from the State of the Global Islamic Economy Report 2015/2016, the market for Muslim travellers was worth US$ 145 billion last year, representing 11% of the global travel market, and is expected to grow to US$ 233 billion by 2020, with a CAGR of 8.6%. Furthermore, the United Arab Emirates ranks second after Malaysia amongst the top global destinations for halal tourism.
"Ghalia presents a niche opportunity - to invest in Dubai's growing hospitality market through a vehicle that is in-line with the principles and beliefs of many of our customers. A growing number of regional investors seek primarily Sharia-compliant investments and financing. In addition, Islamic banks and lenders extend funding only to hotels that follow Sharia practices. Ghalia is Dar Al Sharia-certified, making it an investment that complies with the principles of Islam," continued El Chaar.
Ghalia is fully compliant with the rigorous criteria that are required to meet Sharia certification. It features amenities such as separate ladies' and men's gymnasiums and swimming pools as well as dedicated dining areas for families and single men. Furthermore, the development will feature ladies-only floors, served by female-only staff. The furnished luxury apartments will comprise fully-equipped kitchens and daily housekeeping services. Investors can choose to live in their units or, when not in use, they have the option of entering them into a rental pool which means the administration, management, bookings and maintenance are taken care of by the operator.
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Further information is available at www.damacproperties.com
About
DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002 - bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company's footprint now extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.
As of 31st March 2016, DAMAC Properties has delivered over 15,800 homes and has a development portfolio of over 44,000 units at various stages of progress and planning. Included are more than 13,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.
With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.
Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.
For more information, please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 3731000 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com
Aladin Aburamadan, Media Relations Executive, TRACCS. Tel: +971 4 3672530 │ Email: aladin.aburamadan@traccs.net
© Press Release 2016
