3 MIN READIQI Dubai Weekly Recap 14th- 20th April

IHG, Al-Futtaim to debut Staybridge Suites in Dubai

InterContinental Hotels Group (IHG) has strengthened its partnership with Al-Futtaim with the opening of the Holiday Inn Dubai Festival City and the signing of a management agreement for Staybridge Suites Dubai Festival City, the company announced on Thursday.

The 508-room Holiday Inn Festival City is the largest Holiday Inn in Dubai and features three F&B outlets, four meeting rooms and a 200-seat conference room at a location 10 minutes away from Dubai International Airport.
The new 160-room Starbridge Suites hotel will add a new brand to IHG and Al-Futtaim’s joint hotel portfolio in Dubai Festival City and is designed for extended-stay business and leisure travellers to have easy access to Dubai’s airport, business districts and Dubai Festival City.

Source: Arabian Business

Dubai Investments to push through with Dh3b real estate investment fund

Dubai Investments is awaiting regulatory approval for a “real estate investment trust” (REIT) that would have an initial asset size of Dh3 billion. The company will provide up to 40 per cent and the rest of it through investor-partners.

“Our asset base will cover everything from health care to industrial assets and include those in other emirates too,” said Khalid Kalban, CEO and Managing Director. “We will include properties from within the DI portfolio, but we have already identified the partners and initial assets that will form part of the REIT.”

“We will then list it and eventually grow the fund’s size to Dh10 billion.” (Property related operations account for 57 per cent of DI’s current revenue stream and 68 per cent of its asset base.) “The intention is to offer returns of “not less than 7 per cent (annualised)”, Kalban said.
REITs are becoming an increasingly vital component of the local real estate landscape. These are funds that tap multiple investors and which are then used to pick up stakes in yield-generating assets. The Dubai market already has a handful of them, a couple of which have turned in significant performances in the recent past.

Source: Gulf News

RAK Properties sets new benchmark of excellence in Ras Al Khaimah

Arabian Business hosted the Arabian Business Real Estate Awards in Dubai to honour businesses and business leaders who are visionaries and pioneers in real estate.

The awards recognise outstanding achievements and accomplishments in the sector which is one of the anticipated announcements within the Middle East real estate Industry.

Attendees of the event included global and regional CEOs and business leaders from across the GCC joining together to celebrate and facilitate excellence, reputation and exemplary work and projects.

Mohammed Sultan Al Qadi, MD & CEO of RAK Properties received the Arabian Business Awards on behalf of RAK Properties.
While expressing his happiness for recognition of best Real Estate Northern Emirate, Mohammed Sultan Al Qadi, CEO RAK Properties said, “We are pleased to receive this award, and always endeavour to lead in our industry through quality and trust. This belief combined with the best in engineering, customer centricity, transparency in business operations and a vision for the future has placed us among the most preferred real estate in the country.”
RAK Properties is the leading property development in the UAE. The company is engaged in the development and construction of a number of projects in residential including its recent flagship development Hayat Island which was revealed earlier in the year with an investment of AED 5 billion. The 811,420m2 island is set to be the new social and entertainment hub of Ras Al Khaimah.
Hayat Island is a blend of leisure and entertainment fully integrating the demands of families and individuals and will feature international 5-star and 4-star resorts, serviced apartments, shops, beautiful beach and waterfront apartments, villas and townhouses with a private beach clubhouse, and along the creek walk there will be al fresco dining and entertainment venues.

Source: Arabian Business

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