Bawadi and Dubai Properties to build Dh20bn tourism project
27 October 2008
Bawadi, a member of Tatweer Dubai, signed agreement with Dubai Properties, arm of Dubai Properties Group (DPG), to build Dh20 billion (EUR 4 billion) tourism project over a 30 million sq ft area at Bawadi, the mega hospitality and tourism destination being developed in Dubai.
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.
The project will include 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 entertainment park. Currently, Dubai Properties Group has several major real estate projects under various stages of implementation including the Culture Village, Jumeirah Beach Residence, The Villa, Business Bay and Mudon.