Jumeirah unveils $2bn global expansion plans
Dubai, May 10, 2014
Dubai-based hotel operator Jumeirah Group is set to invest Dh8 billion ($2.19 billlion) to expand projects in 11 countries over the next three years, the official state news agency Wam reported.
The group is part of Dubai Holding, a conglomerate owned by the emirate's ruler, Shaikh Mohammed bin Rashid Al Maktoum.
The expansion will see an addition of 4,300 hotels rooms over the next three years, Wam said.
The agency cited Shaikh Mohammed as saying that hospitality and aviation companies were the "success story" of the UAE.
"These companies bear greater responsibility compared with the government when it comes to representation of our national economy and boosting confidence in UAE investments in all sectors," said Shaikh Mohammed.
Dubai Holding is the personal investment arm of Shaikh Mohammed and has a portfolio of companies focused on hospitality, real estate, telecommunications, investments and other services.-Reuters