Mina Al Arab is the company s flagship Dh10 billion development consisting of a pair of islands off the Ras Al Khaimah coast. A pair of new resort hotels – a 350-room Intercontinental and a 306-room Anantara property will open this year and next, respectively, the developer said.
This will improve the overall revenue stream by providing recurring income once opened.
The company expects to hand over the Marbella Villas project at Mina Al Arab containing 205 villas and townhouses, including some waterfront properties, this year. Its Julphar Residence project containing 266 apartments on Abu Dhabi s Reem Island is also due for handover in 2021, the company said.
Faster UAE hotel occupancy spike to lead Mena rebound in 2021 issacjohn@khaleejtimes.com Filed on December 11, 2020
Hotels in the Dubai Marina-JBR area are expected to record 47 per cent occupancy in 2020; it is expected to recover faster next year with an expected 67 per cent rate
Markets expected to continue benefiting from ongoing tourism initiatives, upcoming mega projects and domestic tourism
The recovery in the Middle East and North Africa’s hotel sector, which has started in the fourth quarter, will pick up pace through 2021 with the industry in the UAE and Saudi Arabia rebounding at a faster rate, according to Colliers International.