Thursday, May 31, 2007

Dubai-based hospitality firm to launch ten properties in Dubai by 2015

It has been planned to launch a new hospitality firm worth Dh.1.83 billion for constructing ten hotels in Dubai by 2015.

"United Hotels", which is based in Dubai, has been formed by fifteen Gulf investors with an initial fund of Dh.367 million, keeping in mind, the promising scenario of the hospitality sector in the UAE. While four of the investors are based in UAE, the other four are from Kuwait, two from Omanis, three from Qataris, one from Bahrain and one from Saudi.

Jasim Al Bastaki, the CEO of United Hotels has mentioned that within a span of two years, the company plans to raise $500 million for investment in seven to ten hotels in the GCC by 2015.

The company plans to manage the hotels under the brand name 'Moon Hotels'. The first four-star Moon Hotel is planned to open at Dubai in 2010.

According to Al Bastaki, the Moon brand will be developed into various categories so as to operate leisure and business hotels. Towards end of this year, United plans to hire thirty five people to work on further development plans for forming new chain of hotels.

Al Basakti added that the 'United chain of hotels' will be unique in its architectural value, which will demonstrate the spirit of Arabian hospitality with a global touch.

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