UAE Business: ICD forms joint venture with global hospitality company – Gulf Digital News

UAE Business: ICD forms joint venture with global hospitality company – Gulf Digital News

Valor Hospitality Partners Middle East, a global, full-service hotel management company has formed a joint venture with ICD Hospitality and Leisure, a subsidiary of Investment Corporation of Dubai (ICD) for the Middle East markets.

Under a long-term arrangement, the new joint venture, Valor Hospitality Partners DMCC, will scale up operations in the Middle East region by signing new hotel management agreements with hotel owners. Leading global hotel groups have a majority of their hotels under franchise operations, and with Valor Hospitality enjoying preferred status or close partnerships with these hotel groups, the joint venture aims to create more momentum in the industry regionally.

“We are incredibly proud and privileged to partner with ICD in this highly anticipated agreement on the back end of the recent pandemic crisis. Many owners are looking to franchise for growth, and this allows us to further develop our third-party management operations platform jointly in the Middle East region,” said Euan McGlashan, CEO and Global Co-founder of Valor Hospitality Partners.

“The timing could not be better as the Middle Eastern hospitality and tourism sector has reached a level of maturity for this model to gain traction rapidly. Franchise is largely standard and has enjoyed longevity and success in the