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Damac Properties taps halal tourism prospects
dubai - Developer releases units in Ghalia, Dubai's first certified Shariah-compliant serviced hotel apartments
The 38-storey tower in Jumeirah Village will comprise 742 keys, with furnished units ranging from studio, one-, two- and three-bedroom apartments, with prices starting at Dh550,000. Construction is already under way. The property will be operated by Damac Hotels & Resorts, the hospitality arm of Damac Properties.
Ziad El Chaar, managing director, Damac Properties, said: "The demand arising from halal tourism is gaining traction in Dubai, with a significant number of visitors from the GCC, notably Saudi Arabia, who seek luxury accommodation, which is also Shariah-compliant. Saudi tourists represent the largest number of visitors from the GCC, with 1.5 million visiting Dubai last year and this number is expected to reach 2.5 million by 2020. Considering the demand for such accommodation along with limited supply, this is a huge opportunity to tap into. Similarly, for investors, this translates into a lucrative investment due to the potential rental yields."
According to findings from the State of the Global Islamic Economy Report 2015/2016, the market for Muslim travellers was worth $145 billion last year, representing 11 per cent of the global travel market, and is expected to grow to $233 billion by 2020. The UAE ranks second after Malaysia among the top global destinations for halal tourism.
"Ghalia presents a niche opportunity to invest in Dubai's growing hospitality market through a vehicle that is in line with the principles and beliefs of many of our customers. A growing number of regional investors seek primarily Shariah-compliant investments and financing. In addition, Islamic banks and lenders extend funding only to hotels that follow Shariah practices. Ghalia is Dar Al Shariah-certified, making it an investment that complies with the principles of Islam," El Chaar added.
Ghalia features amenities such as separate ladies' and men's gyms and swimming pools as well as dedicated dining areas for families and single men. The project will feature women-only floors, served by women staff.
The furnished apartments will comprise fully-equipped kitchens and daily housekeeping services. Investors can choose to live in their units or, when not in use, they can enter them into a rental pool.
- business@khaleejtimes.com
Ghalia, a 38-storey tower in Jumeirah Village, features the first Shariah-compliant serviced hotel apartments in Dubai.
The furnished apartments at Ghalia will comprise fully-equipped kitchens and daily housekeeping services.
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