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IIFA Utsavam 2024: Stars gather for South Indian cinema's biggest night in Abu Dhabi; as it happened
The awards show in Abu Dhabi celebrates all things South Indian cinema
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Vision Hotels to Launch Eight Projects in Three Years
ABU DHABI - Vision Hotels will be launching eight new hotel projects worth Dh600 million in the three-year period between 2009 and 2011, it announced on Saturday.
Vision GroupchairmanNader Al Hamadi said seven of the new properties will be located in prime areas in Abu Dhabi while the eighth will beat Bogota, Colombia.
The group has partnered with leading developers Arkan Properties and Hydra Properties for the projects and “they have assured us that they are committed to the initially agreed plans of delivery,’’ Al Hamadi said.
Vision Hotels is a member of Royal Holding, Abu Dhabi-based consortium of leading companies headed by Shaikh Thanoon bin Zayed Al Nahyan.
The new projects will include Vision Links, a three-building property to be locatedin the central area of Muroor. Youssef Farran, Managing Director of Vision Group, said this project is expected to be completed in the first quarter of 2010.
Another project, Vision Meena, will be built on Al Meena Road and will be completed by 2011.
The Colombian project, Vision Cedar Bogota, will be opened by the end of this year, according to Richard Haddad, General Manager of theVision Group.
“Despite the financial crisis we will proceed with the projects and are confident of opening our projects as per the schedule. We are not facing any cash flow problem, we have engough liquidityas of now, and even if we need to raise some money it will be easy for us mobilise funds. Recession has no impact on developments, our upcoming projects will provide hundreds of job opportunities for both the UAE nationals and expatriates,’’ said Youssef Farran.
The target set by the Abu Dhabi Tourism Authority to achieve an annual tourist inflow of three millionfrom 2015was realistic considering the growing global interestinthe capital emirate.
Political stability, well regulated markets, cash availability and well-chalked outstrategic plan are some of the factors that are luring the investors and thetourists to Abu Dhabi,said Al Hamadi.
· ramavarman@khaleejtimes.ae
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