Jumeirah mulls Dubai World Central projects

Jumeirah Group could soon launch projects in Dubai World Central, the site that will have the infrastructure for World Expo 2020, Gulf News reports. Jumeirah has 22 hotels and residences across 10 destinations in the world.

“With the World Expo 2020, we look forward to being involved in a number of projects that will take place for hotels in Dubai over the coming years…we have [had] discussions [for projects in DWC] and are waiting for announcements,” Gerald Lawless, president and CEO of Jumeirah Group, told Gulf News.

Lawless said that Expo 2020 “will broaden” the hotel market in Dubai and the UAE.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

With Expo 2020 coming to Dubai, there is “great confidence” in the market, he said. “There is a sense of purpose about working hard now to ensure that we have an appropriate tourism product well in time for Expo 2020.

“It’s a dynamic time for hotel development in Dubai and the Middle East… travel and tourism seems to be the growth industry [for] the years to come,” Lawless said.

Jumeirah reportedly has no plans to raise more debt, according to Lawless. “I would think not. We are in a good position at the moment funding-wise,” he said when asked about the group raising more finance.

In October, Jumeirah said it raised $1.4 billion unsecured syndicated loan due in 2019 to help finance its expansion.

Jumeirah has 15 properties in the pipeline, and is working on five projects in China, of which three are under construction and two about to kick off.


Suggested Articles

Pat Pacious discusses the seismic shifts the sector has seen and will continue to experience.

Results season has started to make itself felt and the impact of the coronavirus was at the forefront of analysts’ questions on the earnings calls.

Hotel pipeline data for Europe showed a 29.4% year-one-year increase to 1,654 projects as of the end of January, according to STR.