UAE’s leading private developer, Azizi Developments has announced its plans to invest up to $16 billion (AED 60 billion) through the launch of 50 upmarket, luxury hotels and resorts and one very prestigious seven-star hotel in Dubai.
According to the statement, “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.”
Azizi’s hospitality investment plan comes in light of the 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 $122 billion (AED 450 billion) within 7 years.
Azizi has already acquired most of the necessary plots of land for its hotels and is planning to launch the construction before the end of 2023.
Founder and Chairman of Azizi Developments, Mr. Mirwais Azizi, commented that, “With the UAE’s Tourism Strategy 2031 aiming to leverage public-private partnerships and seeking to attract over $27 billion (AED 100 billion) in new investment in the tourism sector, we have decided to make a major investment in the hospitality sector. With the investment of $16 billion (AED 60 billion) over the next five years, we aim to become a major part of Dubai’s promising future as a global hub for tourism.”
“We are inspired by the vision and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and it is always a source of pride for us to contribute to his plans for Dubai and the UAE”, Mr. Azizi added.