This follows the recent announcement launching the world's largest shopping area of over 40 million sq ft gross lease-able area within Bawadi, the integrated hospitality and tourism project, member of Tatweer.
Commenting on the expansion, His Excellency Mohammed Al Gergawi, Executive Chairman of Dubai Holding, said: "The Bawadi expansion is in line with Dubai's strategic plan 2015, with the tourism sector set to contribute 11% in annual growth to achieve a GDP of USD 108 billion by 2015.
"Doubling the investment will secure Bawadi's position as a must visit destination for tourists. The increase in both hotels and available rooms will ensure that Dubai's hospitality industry can meet the projected demand."
Saeed Al Muntfiq, Executive Chairman of Tatweer said: "Under the directive of HH Sheikh Mohammed Bin Rashid, Bawadi is to increase the number of hotels to be set up from 31 to 51 including residential hotels with unique features and designs in addition to spacious resorts, with the total available rooms increasing from 29,000 to 60,000.
"Bawadi will have the highest concentration of hotels linked to the biggest shopping area in the world. These statistics pay testament to our commitment to deliver this project in accordance to HH's vision of Dubai's tourism industry adding to the growth of Dubai as a destination and diversifying its economy."
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 that will include the world's biggest shopping area and experience. The AED 200 billion project will feature 51 hotels accommodating more than 60,000 rooms, including Asia Asia - with 6,500 rooms as well as retail, entertainment and convention facilities.
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Bawadi doubles investment to AED 200 billion
- United Arab Emirates: Saturday, May 12 - 2007 at 16:45
- PRESS RELEASE
Under the Directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, Ruler of Dubai; Bawadi, a member of Tatweer, today announced it is to double its initial investment to AED 200 billion.
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About Tatweer:Launched in December 2005 Tatweer is one the region's most promising enterprises and a Member of Dubai Holding. It owns nine market-leading companies and managing an ambitious business development plan.
Its current portfolio is divided into Energy & Healthcare, Tourism & Entertainment, Industry & Knowledge. Its entities are Dubai Healthcare City, the region's hub for world-class quality healthcare services; Mizin, one of the most advanced real estate companies in the region; "The Tiger Woods - Dubai" an exclusive golf community that will include a Tiger Woods designed Golf Course; Dubailand, one of the biggest leisure, entertainment and tourism destinations in the Middle East region; Dubai Industrial City, an industrial township to develop Dubai as a leading manufacturing hub; Bawadi, the world's leading hospitality and entertainment project bringing 31 hotels and more than 29,000 hotel rooms; Dubai Energy, investing in regional and global energy opportunities and building a diversified investment portfolio; Dubai Mercantile Exchange, the first commodity futures exchange in the Middle East; Global Village, which brings together 160 different countries showcasing myriad cultures; and Moutamarat, the first Arab initiative organizing research-based conferences and exhibitions.
A Member of Dubai Holding, Tatweer and its entities 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
Posted by Lara Lynn Golden, News EditorSaturday, May 12 - 2007 at 16:45 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sun May 13 2007.
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