Dubai and its Gulf States neighbors to develop $18bn worth hotels
A Dubai Research Firm has revealed that Dubai and other Gulf states are likely to develop hotels worth $18billion, including the largest in the world.
The UAE federation, of which Dubai is the second largest member, is leading the drive, building or planning hotels, worth $12.7billion, the organizers of a hotel exhibition in Dubai stated.
The Gulf States, including Bahrain, Qatar and Saud Arabia are in the midst of massive construction boom, agrees Maggie Moore, the Exhibition Director of Hotel Show 2008, Maggie Moore.
The $1.63bn Asia-Asia Hotel in Dubai, with 6500 rooms will overtake the MGM Grand of Las Vegas, becoming the largest hotel in the world, said the organizers of the show, DMG Media.
In the meanwhile, the Mubadala Development Company in Abu Dhabi is developing the most expensive hotel in the region, the MGM Grand Hotel Complex, worth $3billion.
According to DMG, about 100 hotels are expected to be open in the UAE towards the end of 2010, adding about 30,000 rooms.
Dubai World has announced that it will invest about $5.2bn in MGM Mirage in August, by buying shares, apart from half of a Las Vegas project.
Posted on 4/12/2007
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