DUBAI, Sept 16 Emaar Properties,
developer of the world's tallest tower in Dubai, plans to build
a new hotel in the city's high-end Downtown area, its first
major hotel project since the emirate's property crisis erupted
Emaar, which had skirted clear of its home market in the
aftermath of the debt crisis, said the construction of the
five-star hotel will be financed mainly through pre-sales of
"The hotel we're launching today represents an opportunity
to capture the interest we're seeing from Dubai, (the Gulf),
Middle East, Indian subcontinent, China and Europe," Arif Amiri,
chief executive of Emaar Retail, told reporters at the launch.
Amiri did not give a value or costs for the project. The
hotel will have 200 rooms and 542 serviced apartments. Apartment
sales will begin Sept. 22.
"I truly believe that the real estate market in Dubai is on
the path of robust growth," he added.
Dubai's property market is slowly stabilising after home
prices slumped by over 60 percent from their peak in 2008.
The hotel marks Emaar's third project this year after it
launched the 'Panorama at the Views' high-rise development,
consisting of over 200 luxury apartments, and Alma 2 in the
Arabian Ranches residential complex.
"Our sales in the first half of this year were five times
more than the same period last year," he said.
Emaar reported in July that its second-quarter profits had
more than doubled. Revenue from apartment sales for the six
months ending June 30 was 975.5 million dirhams compared to
640.5 million dirhams a year-ago.
(Reporting by Mirna Sleiman; Editing by Dinesh Nair)