UAE Business: Samana enters Dubai hospitality business with new entity – Gulf Digital News

UAE Business: Samana enters Dubai hospitality business with new entity – Gulf Digital News

Dubai-based Samana Group has launched a new entity which will let homeowners and end-users of its real estate unit Samana Developers, to rent apartments on a short-term basis, boosting investor returns.

In its initial phase, Samana Holidays will target 500 units and turn them into holiday homes (serviced apartments) for short-term rentals to permit tourists, visitors, holiday-makers and layovers for fans of FIFA World Cup, said a statement from the company.

These units are expected to generate AED38 million ($10.3 million) in revenue over the next seven months - by Q2 2023. It is therefore a new benefit to Samana Developers’ buyers and end-users, it stated.

CEO Imran Farooq said: "The resort-style designs and features at Samana Developers’ projects are well received by buyers, especially for those who plan to rent their units to tourists. Converting units from long-term to short-term is a perfect proposition for buyers as well as for tourists."

"The serviced apartments at Samana Holidays will substantially reduce the per-night rate as compared to the rate at hotels in Dubaim," he added.

As part of its growth strategy, Samana Holidays has signed a long-term contract with Airbnb - an online marketplace for short-term homestays.

"Our short-term rental option will boost the rental income