1,000-room Hospitality Project to Recreate Royal Splendour
Dubai-UAE: 30 October, 2006 - The 10 km thematic Bawadi boulevard - an AED 100 billion hospitality and tourism project - will now include the Palaces Hotel and Resort. The spectacular development will be modelled after some of the world's grandest palaces that are evocative of the royal past.
The announcement came at the signing of a development agreement between Arif Mubarak, CEO of Bawadi, a member of Tatweer and Ziad Galadari, Chairman of Galadari Investments LLC.
Palaces Hotel and Resort is inspired by palaces like the Chateaux de Versailles, Buckingham Palace and the Taj Mahal. The resplendent architectural masterpiece will provide an authentic royal ambience to guests who wish to experience a regal lifestyle.
Ziad Galadari, Chairman of Galadari Investments LLC said: "The Palaces Hotel and Resort is a unique project, one of the biggest and most prestigious in our portfolio of real estate developments. Visitors will be transported back to an era of old world elegance, while still enjoying the highest international standards of service and modern facilities"
The Palaces Hotel and Resort will comprise 1,000 rooms, fine dining restaurants, and lifestyle shops.
Arif Mubarak, CEO, Bawadi said: "Galadari Investments decision to invest in Bawadi validates its value proposition to leading investors and developers. It is a vote of confidence in Bawadi and an affirmation of our conviction that Bawadi will be a leading international hospitality and tourism destination."
Palaces Hotel & Resort is Bawadi's third development agreement. It has previously signed with Zabeel Investments, the developer of America Hotel & Resort, and with Gantoot Star, the developer of Pirates Cove Hotel & Resort. All its agreements have been signed in less than 1 month.
Bawadi was launched on 1 May 2006 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai.
Over the next eight years, Bawadi projects will double the current number of hotel rooms in Dubai. At centre-stage will be the world's largest hotel, Asia-Asia, which alone will add 6,500 rooms.
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About Bawadi
Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, in May 2006, Bawadi is the world's largest hospitality and leisure development. The AED100 billion project will feature 31 luxury hotels, including Asia Asia - the world's largest hotel with 6,500 rooms. In total Bawadi will offer 29,200 rooms.
About Tatweer
Launched in December 2005, Tatweer is one the region's most promising enterprises and the owner of seven market-leading companies and an ambitious business development plan. Its current portfolio is divided into Energy & Healthcare, Tourism & Entertainment, Industry & Knowledge, and includes forthcoming projects that will persist to the best perceived excellence standards in the strive to work Dubai up to the world-class enterprise vision that is set to be accomplished in the imminent future.
A member of Dubai Holding, Tatweer and its entities, Dubailand, Global Village, Bawadi, Mizin, Dubai Healthcare City, Dubai Energy, Dubai Mercantile Exchange, Dubai Industrial City and Moutamarat will continue to consolidate a group of life-improving industries. In addition, it has pioneered the market with joint venture initiatives with leading companies such as the New York Mercantile Exchange or the Saudi Research and Publishing Company.
Tatweer will continuously strive for world-class performance implementing leadership development to drive and sustain business excellence, quality and high performance.
For Further Information:
Agency:
Tarek Sakik
Senior Account Manager
Jiwin the Public Relations Arm
Of Dubai Press Club
Phone: +971-4-3613593
Email: Tarek.Sakik@Jiwin.ae
© Press Release 2006
