Jumeirah To Invest USD$2 Bln In Hotels Expansion
Dubai-based hotel operator Jumeirah will invest AED8 billion dirhams (USD$2.19 billion) to expand projects in 11 countries over the next three years, the official state news agency WAM reported on Friday.
The group is part of Dubai Holding, a conglomerate owned by the emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum.
The expansion will see an addition of 4,300 hotels rooms over the next three years, WAM said.
The agency cited Sheikh Mohammed saying that hospitality and aviation companies were the "success story" of the UAE.
"These companies bear greater responsibility compared to the government when it comes to representation of our national economy and boosting confidence in UAE investments in all sectors," said Sheikh Mohammed.
Dubai Holding is the personal investment arm of Sheikh Mohammed and has a portfolio of companies focused on hospitality, real estate, telecommunications, investments and other services.