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Bawadi investment secures Dh30b in 9 hours

DUBAI — Tatweer, a member of Dubai Holding announced yesterday that 50 per cent of all plots of land, available for private development within its landmark Bawadi hospitality and tourism project, were reserved during the first nine hours of ATM 2006, raising Dh30 billion in investment. The Dh100 billion hospitality and tourism development project, which will see the construction of the world's largest hotel, was launched on May 1, 2006.

"To achieve investment of Dh30 billion in less than nine hours is unprecedented and reflects the credibility and reliability of Tatweer and its offerings," said Saeed Al Muntafiq, CEO of Tatweer. "The high demand for the plots strengthens our belief that Bawadi will be a leading international hospitality and tourism destination." Tatweer, which will invest Dh40bn in Bawadi, will own and develop 12 hotels on the 10km thematic hotel strip, the longest in the world. The remaining 19 hotels will be operated and managed by leading global hospitality brands.

Al Muntafiq added: "Tatweer has reached an agreement with renowned regional and international investors. Strategically this offering represents a significant platform in the development of tourism in the Emirate, in terms of growing capacity, and will confirm Dubai as one of the world's premier tourist destinations."