Bawadi Strikes Strategic Alliance with Dubai Properties to Develop AED20bn Tourism Project Providing 5,000 Hotel Rooms

Dubai: 25 October, 2008 – Bawadi, a member of Tatweer Dubai, today signed an agreement with Dubai Properties, a member of Dubai Properties Group (DPG), to develop AED20 billion tourism project over a 30 million sq ft area at Bawadi, the mega hospitality and tourism destination being developed in Dubai.

The agreement was signed by Mohamed Binbrek, Group CEO, Dubai Properties Group, and Arif Mubarak, Vice-President, Bawadi, at the Tatweer offices in Emirates Towers, Dubai.

The partnership will oversee the construction of 3, 4 and 5-star hotels offering more than 5,000 hotel rooms, a four million sq ft GLA shopping area comprising an integrated desert resort, and a water and sports specialized entertainment park.

Mohammad Binbrek, Group CEO, Dubai Properties Group, said:

We are delighted to partner with Bawadi. The synergy in capabilities between the organisations and our experience as a leading developer in the region will ensure the partnership’s success. This new project will provide additional opportunities for investors to secure a foothold in Bawadi, one of the region’s largest real estate developments.

Our new project will feature several distinctive attractions that we continuously seek to expand. The hotels and shopping malls in addition to other entertainment facilities within the project will significantly increase investor and partner appeal, while further diversifying our business portfolio.

Currently, Dubai Properties Group has several major projects under various stages of implementation. The exclusive master-planned communities include the Culture Village, Jumeirah Beach Residence, The Villa, Business Bay and Mudon.

Arif Mubarak, Vice-President, Bawadi, said:

Our strategy is to create a destination that offers an integrated diverse range of leisure, hospitality and entertainment services. To achieve this, we continuously seek alliances with business partners and investors that have the wherewithal to add value and new dimensions to our projects, especially Bawadi, one of the world’s largest hospitality and tourism destinations.

Dubai Properties Group, which is already implementing a host of landmark projects, has the necessary expertise and capabilities that this mega partnership requires. We are confident Bawadi’s partnership with Dubai Properties Group will result in immense advantages to both companies.

The agreement with Dubai Properties Group marks another milestone in Tatweer Dubai’s multi-faceted plan to make Bawadi one of the most prominent sought-after global tourism destinations.

Tatweer Dubai has doubled the initial investment in Bawadi to AED200 billion in line with the tourism sector’s development objectives as outlined in the Dubai Strategic Plan 2015.

As part of its overarching strategy to underscore its status as a leading master planner and deliver a unique destination to catalyse the region’s tourism sector growth, Bawadi is seeking and securing partnerships with major industry players reputed for their profound market knowledge, experience and expertise.

The alliance with Dubai Properties Group is Bawadi’s third such confirmed partnership with a leading developer. The company is already collaborating with Al Ghurair in an AED20 billion joint venture to develop a mixed-use project including the world's biggest shopping mall. Bawadi has also formed an equal stake partnership with Emaar for developing the mixed-use 90 million sq ft Asmaran as a central area of the 10-km hospitality retail and leisure boulevard.

Notes to Editor

About Bawadi

Bawadi, set to be the ultimate hospitality and shopping destination was launched in May 2006 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The AED 200 billion project was specifically conceived to fill a market gap and meet the future demand for hotel rooms in Dubai. Designed to develop capacity for the dramatic increase forecast in tourism, it will feature the largest concentration of leading hotels linked to the biggest shopping area in the world. The 10 km boulevard of hotels, entertainment, leisure and shopping project is being created to complement Dubai’s market needs and the massive Dubailand destination. Bawadi’s carefully planned infrastructure includes crucial components such as an integrated street and sidewalk network to facilitate a continuous and efficient flow of both vehicular and pedestrian traffic. Futuristic planning has also ensured an environmentally-friendly setting within the destination. Bawadi will include entertainment centers, restaurants, theatres and world-class convention centers in addition to the biggest themed 40 million GLA shopping area in the world, featuring small boutique malls as well as street-level and underground shopping. When completed, it will have 51 hotels, including the fabulous land mark Asia Asia with 6,500 rooms. In total, Bawadi will offer more than 60,000 hotel rooms.

For further information

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