Al-Futtaim and Marriott Vacation Club launch Dubai's first branded timeshare resort

This is a landmark agreement to be signed in the UAE by heads of globally respected, family-led institutions, with combined experience of more than 160 years. It is also the first significant equity investment in a hospitality development in Dubai by a U.S.-based global hospitality brand and the only equity based Joint Venture entered into by Al-Futtaim with a hospitality group at Dubai Festival City.

Dubai Festival City LLC, flagship of Al-Futtaim Group Real Estate (AFGRE) and key division of Al-Futtaim Group, and Marriott Vacation Club International (MVCI), a division of Marriott International, Inc., which develops and operates Marriott's vacation ownership resorts world-wide, are the Joint Venture parties holding equal stakes in this new venture.

Mr. Al-Futtaim said: 'This partnership is the realization of a vision and ideals backed by long-term performance, and Dubai Festival City is a natural choice for this timeshare resort which matches our established brand values.'

'We believe Marriott Vacation Club will singularly raise the bar and change the landscape of the hospitality sector in Dubai. This belief stems from the proven global track record demonstrated both by Al-Futtaim Group and Marriott International for providing sophisticated, trustworthy services and products.'

The proposed 320 two-bedroom and three-bedroom unit resort will be located in Al-Futtaim Group Real Estate-developed Dubai Festival City's elegantly chic, bustling waterfront urban community, already recognised as a market leader which captures the ground breaking 21st century spirit of Dubai.

The timeshare resort will be constructed in four phases along the Dubai Creek and will be designed, built, and operated in a manner consistent with the world-class architectural standards and service levels within Dubai Festival City.

Marriott Vacation Club, Dubai Festival City will fully comply with UAE legislations for timeshare properties which are currently being put in place by the Government of Dubai.

Mr. Marriott said: 'The Middle East traditions and culture have always generated interest among people all over the world and, at Marriott, we are delighted to be able to provide a window to this culture through Marriott Vacation Club, Dubai Festival City. By collaborating with the widely respected Al-Futtaim Group, we are confident this resort will deliver the standards of excellence in value and hospitality for which Marriott is recognised.'

'Our experience from operating timeshare resorts worldwide shows good legislation fosters a healthy and robust business environment that benefits both developers and customers long-term. Sound regulation and professionalism in operating timeshare resorts and their programmes are paramount in this high-growth sector. The Government of Dubai is planning to introduce balanced legislation in line with global standards and we applaud and support its efforts.'

Owners of timeshare weeks will be eligible to exchange their week at other Marriott Vacation Club resorts around the world.

Timeshare is the concept of purchasing and using a resort unit and its associated amenities for recurring periods of time. Each villa is typically sold in intervals of one week up to 51 times a year with one week held for maintenance. The value proposition is derived from the opportunity for Owners to purchase one or more weeks and enjoy all the amenities of a larger vacation unit.

Dubai Festival City's hospitality portfolio will comprise over 3,500 rooms and suites and has the largest hospitality cluster connected to a regional shopping centre in the UAE. In addition to timeshare, there will be a total of eight world renowned hotel brands along the Creek and throughout the city and two boutique hotels conveniently located within the residential communities.

Timeshare visitors to Dubai Festival City will be able to enjoy its many facilities and amenities which include Festival Centre, a 200,000 m2 (2.1 million sqft) shopping and entertainment centre with leading international and regional brands, a choice of over 100 restaurants, cafes and bistros, the luxury Festival Marina and 18m (60 ft) wide cornice which will stretch along 3 kilometres (2 miles) of Dubai Creek and a 18-hole championship golf course.