Azizi Developments announces AED 60bln hospitality investment plan

Azizi Developments announces AED 60bln hospitality investment plan

Dubai: Azizi Developments, a leading private developer in the UAE, has just announced its plans to invest up to AED 60 billion through the launch of 50 upmarket, luxury hotels and resorts and one very prestigious seven-star hotel in Dubai. As such, the developer will add close to 20,000 new keys to Dubai’s hotel stock over the next five years. Azizi’s hotels and resorts in the UAE and beyond will be managed by its very own hospitality division.

While coinciding with 30th edition of the Arabian Travel Market, the region’s leading event for the inbound and outbound travel industry and biggest gathering of its kind, the announcement also follows Azizi’s recently revealed plans to enter the hospitality sector, with its new Chief Operating Officer - Hospitality, Mr. Michael Zager, leading the developer’s newly established hospitality division. Azizi’s hospitality investment plan also comes in light of Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, having announced the UAE’s target to reach 40 million visitors and increase the tourism sector’s GDP contribution to AED 450 billion within 7 years.

Azizi has already acquired most of the necessary plots of land