Bawadi strikes strategic alliance with Dubai Properties

The agreement was signed by Mohamed Binbrek, Group CEO, Dubai Properties Group, and Arif Mubarak, Vice-President, Bawadi, at the Tatweer offices in Emirates Towers, Dubai.

The partnership will oversee the construction of 3, 4 and 5-star hotels offering more than 5,000 hotel rooms, a four million sq ft GLA shopping area comprising an integrated desert resort, and a water and sports specialized entertainment park.

Mohammad Binbrek, Group CEO, Dubai Properties Group, said:

"We are delighted to partner with Bawadi. The synergy in capabilities between the organisations and our experience as a leading developer in the region will ensure the partnership's success. This new project will provide additional opportunities for investors to secure a foothold in Bawadi, one of the region's largest real estate developments. "Our new project will feature several distinctive attractions that we continuously seek to expand. The hotels and shopping malls in addition to other entertainment facilities within the project will significantly increase investor and partner appeal, while further diversifying our business portfolio."

Currently, Dubai Properties Group has several major projects under various stages of implementation.

The exclusive master-planned communities include the Culture Village, Jumeirah Beach Residence, The Villa, Business Bay and Mudon.

Arif Mubarak, Vice-President, Bawadi, said: "Our strategy is to create a destination that offers an integrated diverse range of leisure, hospitality and entertainment services. To achieve this, we continuously seek alliances with business partners and investors that have the wherewithal to add value and new dimensions to our projects, especially Bawadi, one of the world's largest hospitality and tourism destinations.

"Dubai Properties Group, which is already implementing a host of landmark projects, has the necessary expertise and capabilities that this mega partnership requires. We are confident Bawadi's partnership with Dubai Properties Group will result in immense advantages to both companies."

The agreement with Dubai Properties Group marks another milestone in Tatweer Dubai's multi-faceted plan to make Bawadi one of the most prominent sought-after global tourism destinations.

Tatweer Dubai has doubled the initial investment in Bawadi to Dhs200bn in line with the tourism sector's development objectives as outlined in the Dubai Strategic Plan 2015.

As part of its overarching strategy to underscore its status as a leading master planner and deliver a unique destination to catalyse the region's tourism sector growth, Bawadi is seeking and securing partnerships with major industry players reputed for their profound market knowledge, experience and expertise.

The alliance with Dubai Properties Group is Bawadi's third such confirmed partnership with a leading developer.

The company is already collaborating with Al Ghurair in an Dhs20bn joint venture to develop a mixed-use project including the world's biggest shopping mall.

Bawadi has also formed an equal stake partnership with Emaar for developing the mixed-use 90 million sq ft Asmaran as a central area of the 10-km hospitality retail and leisure boulevard.