Al Waleed Group launches investment arm in the hospitality industry

Al Waleed Investment Group recently announisced their intent to commence its new arm in the hospitality sector for the local market in Dubai, as well as announces the acquisition of the first hotel projects ‘Splendid Hotel’ within the area of Oud Metha, to be named ‘Alwaleed Palace Hotel Apartments’.

Al Waleed hospitality aim to acquire luxury hotel projects with high investment feasibility and supervision of management to meet growing needs of the service buildings. The new arm began overseeing the first new project, ‘Al Waleed Palace Hotel Apartments’, which includes 180 rooms.

Al Waleed Hospitality also seeks to acquire more hotel projects in the local market in Dubai, which kept pace with the policy of the main group Al Waleed investment, where to raise their assets in Dubai to more than 500 rooms by the end of the year 2014. Al Waleed Group is currently under negotiations with the different investors to acquire some properties in the area of Al Barsha.

Mohammed Abdul Razak Al Mutawa, businessman and chairman of the Board Directors of “Al Waleed investment” said: “The decision came to provide hospitality services in line of Al Waleed strategy and with the vision of the group as well to expansion plan and conviction we are having about the maturity of this sector.”

By Charmaine Fernz, 30 May 2012, Wednesday 7:59 PM