Jumeirah Group to invest AED8 billion into expansion projects
The Jumeirah Group is planning to invest AED8 billion into expansion projects, according to the UAE’s state news agency, WAM. These projects will be spread across a total of 11 countries and investments will be allocated to these projects in the next three years. According to WAM, this expansion will create an additional 4,300 hotel rooms.
The Jumeirah Group is part of Dubai Holding, which is owned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Dubai Holding is the personal investment branch of Sheikh Mohammed and includes a large number of different companies in sectors, such as hospitality, real estate, telecommunications, investments and other services.
Sheikh Mohammed was quoted by WAM as saying: “These companies bear greater responsibility, when compared with the government, when it comes to the representation of our national economy and boosting confidence in UAE investments in all sectors.”
He adds that the UAE’s hospitality and aviation industries are top performers and are, therefore, the “success story” of the nation.
The Jumeirah Group owns a number of properties in countries, such as the UK, Germany and Italy, but it is, arguably, most well known for its properties in the UAE, which also include the Burj Al Arab.