⚡Global REIT Review: March Updates ⚡
The Global REIT team hopes that our community is having a successful start to the new year. We would like to share some information about the tourism sector in Dubai as well as a short profile of the Palm Jumeirah, the site of our first Asset Under Management — Hotel Mysk by Shaza.
We would also like to give a brief profile of the hotel operator of our first Asset Under Management, Shaza.
Tourism In Dubai and the UAE.
Dubai, and the UAE as a whole, has identified tourism as one of the main sectors that will help diversify the economy from dependence on Oil revenues. Dubai, in particular, has developed robust infrastructure to facilitate both leisure and corporate tourism.
An important aspect of achieving this strategy was to make Dubai a globally accessible, safe and business friendly city. This necessitated the creation of Emirates airlines, which has grown to become a global icon in the premium airline segment. Dubai then positioned itself as a hub city by investing heavily in Dubai International Airport, which is now one of the busiest in the world, conveniently located as an ideal station to connect the East to the West.
For corporate and business travelers, Dubai has always been an important destination due to its status as the financial centre of the region. Regional Head Offices of several multinational firms can be found in Dubai. The city also boasts large retail, real estate, trading and finance sectors. There are also regular trade shows and exhibitions, with the recently concluded Gulfood exhibition claiming over 90,000 visitors.
For leisure travelers Dubai offers a multitude of entertainment options. Luxury hotels, huge malls, theme and water parks, nightlife, restaurants, beaches and beach resorts as well as desert safaris and museums.
Being a cosmopolitan city with expatriates making up a large percentage of the population, another important segment of tourists to Dubai are those who are visiting family and friends residing in Dubai and the UAE.
Dubai recorded approximately 15 million tourists in 2018 (up by 0.8% compared to 2017) and tourism contributes approximately 6% of the GDP of the UAE. The top ten nationalities who visit the UAE are as follows:
- India
- Saudi Arabia
- United Kingdom
- China
- Russia
- Oman
- Germany
- United States of America
- Iran
- Pakistan
Palm Jumeriah
The Palm Jumeirah is a man-made island created in the shape of a palm tree. This was a groundbreaking and flagship project for Nakheel, one of the largest developers in the city, and helped build the brand of Dubai globally.
It is one of the most popular tourist destinations in Dubai, and focuses on the luxury hospitality, residential and retail segments. There are a number of international five-star hotels on the Palm Jumeirah, as well as luxury apartments and villas. There are also numerous restaurants located on the island, as well as an aquarium, waterpark, beaches, music festivals, nightlife and a growing retail segment (with a new mall under construction).
Palm Jumeirah caters mainly to leisure tourism, with less dependence on corporate trends and demand. Global REITs first Asset Under Management is a four-star hotel on the trunk of the Palm Jumeirah.
Profile of the hotel operators: Shaza
Shaza is a relatively new hotel operator, who have been successful in Saudi Arabia and are rapidly expanding their hotel base in the region. They are a Shariah compliant hotelier with the aim of providing their guests with an experience of the traditional hospitality culture of the Arab region. They are a part of the Global Hotel Alliance, which also includes established hoteliers such as the Kempinski group and the Anantara group.
Shaza began operations in Saudi Arabia, mainly catering to the luxury hospitality requirements of religious tourists to the country. They currently operate three hotels in Saudi Arabia, with another scheduled to open in 2019. In addition to that they are also opening two new hotels in Oman in 2019 and 2020.
They Mysk moniker is Shazas four-star luxury hotel brand. The first Mysk hotel opened in Oman in 2018, with one more under development in Kuwait, as well as Mysk by Shaza on the Palm Jumeirah, Dubai.
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