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Emaar, one of the world's largest property developers, has expanded into the hospitality & leisure sector through a diversified portfolio of hotels, serviced apartments, golf courses and other leisure amenities. Today, the development value of Emaar's hospitality assets, managed by the company's wholly-owned subsidiary Emaar Hospitality Group, stands at Dhs3.67bn ($1bn). Emaar recently unveiled its own brand of five star premium hotels, The Address Hotels & Resorts, to further drive its global expansion in the hospitality sector.
Mr Alabbar is a member of the Dubai Executive Council, and serves on the board of directors of the Investment Corporation of Dubai (ICD) and Noor Investment Group. He spearheads Emaar's high-profile global expansion in 36 markets and chairs John Laing Homes in the USA and Hamptons International in the UK as well as a joint venture with Italy's Giorgio Armani to set up a global Armani-branded luxury hotel and resort chain.
FDi magazine, published by the Financial Times Group, has named Mr Alabbar "Middle East Personality of the Year." Arabian Business, the leading regional business magazine, ranked him sixth in its March 2008 list of the 100 Most Influential Arabs in the World. Fortune magazine in their issue of December, 2007, has named Mr Alabbar among the top 30 in power positions globally.
Mr Alabbar said:
"Dubai's ambitious growth strategy of 11% annual GDP growth, as outlined in the Dubai Strategic Plan by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, is powered by two key drivers: Tourism and services. Dubai has already cemented its global standing as a premier hospitality & leisure destination through investments in these two sectors, which hold tremendous growth potential."
He added: "As the catalyst of the tourism sector, the hospitality industry plays a defining role in shaping the prospects of a destination. Dubai's evolution as the tourism hub has inspired the international investment community to further explore the city's potential in hospitality. Emaar is privileged to contribute to the overall dynamism of the tourism sector through our diverse portfolio."
Emaar's hospitality portfolio includes the Al Manzil, Qamardeen and The Palace, The Old Town hotels in Downtown Burj Dubai; the Arabian Ranches Golf Club and The Montgomerie, Dubai; the Dubai Polo & Equestrian Club; Nuran Serviced Residences; and the Dubai Marina Yacht Club.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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