Friday 31 March 2023

Damac offers phase 2 of luxury hotel apartments

DUBAI, June 5, 2016

Dubai-based Damac Properties has announced the release of the second phase of luxury hotel apartments in Ghalia following a sold-out phase one.

Ghalia offers the first certified Sharia-compliant serviced hotel apartments, with construction already underway, and will be operated by Damac Hotels & Resorts, the hospitality arm of Damac Properties.

The 38-storey tower in Jumeirah Village will comprise 742 keys, with furnished units ranging from studio, one, two and three bedroom apartments, with prices starting at Dh550,000 ($150,000). Conveniently located in Dubai South and in close proximity to popular destinations in Dubai as well the arterial Sheikh Zayed Road and Dubai World Central, Ghalia’s units are designed to provide a contemporary living experience that combines the comforts of home with the service standards of a hotel plus the added feature of Sharia-compliant amenities, a statement said.

Ziad El Chaar, managing director, Damac Properties, said: “The demand arising from halal tourism is gaining traction in Dubai, with a significant number of visitors from the GCC, and most notably Saudi Arabia, who seek luxury accommodation options, which are also Sharia-compliant.”

“Saudi tourists represent the largest number of visitors from the GCC, with 1.5 million visiting Dubai last year and this number is expected to reach 2.5 million by 2020. Considering the demand for such accommodation along with the limited supply, we at Damac Properties, see this scenario as a huge opportunity to tap into. Similarly, for investors, this translates into a lucrative investment due to the potential rental yields whilst being in compliance with the financial principles of Sharia.”

According to findings from the State of the Global Islamic Economy Report 2015/2016, the market for Muslim travellers was worth $145 billion last year, representing 11 per cent of the global travel market, and is expected to grow to $233 billion by 2020, with a CAGR of 8.6 per cent. Furthermore, the United Arab Emirates ranks second after Malaysia amongst the top global destinations for halal tourism.

“Ghalia presents a niche opportunity - to invest in Dubai’s growing hospitality market through a vehicle that is in-line with the principles and beliefs of many of our customers. A growing number of regional investors seek primarily Sharia-compliant investments and financing. In addition, Islamic banks and lenders extend funding only to hotels that follow Sharia practices. Ghalia is Dar Al Sharia-certified, making it an investment that complies with the principles of Islam,” added El Chaar. – TradeArabia News Service

Tags: Damac Properties | Sharia | luxury serviced apartments |

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