Vision 2020: Why you should invest in Dubai’s hotel sector
With Expo 2020 around the corner and Dubai’s tourism industry reaching new heights, there’s never been a better time to invest in the city’s thriving hotel industry
Expo 2020, which will be staged from October 2020 to April 2021, represents a landmark moment for Dubai’s emergence as the region’s first true global city. The mega event is expected to attract around 25 million visitors from at least 180 nations, create more than 277,000 new jobs and generate an economic impact of around US$24 billion.
Since Dubai was declared the 2020 World Expo host, the city’s commercial and residential property sector has grown exponentially as planners have worked to capitalise on the economic boost the event is set to deliver.
New precincts in and around the expo site in Dubai South have sprung up in recent years, creating new pockets of economic activity in areas that were empty desert just a decade ago.
Investors have flocked to locations including Jumeirah Village and Dubai Sports City, which have grown exponentially in the last five to 10 years.
Two up-and-coming precincts that are close to the Expo site, DWC, and several key Dubai landmarks, attractions and infrastructure projects, are Jumeirah Village Triangle and Jumeirah Village Circle.
The First Group is developing three properties in this area: Millennium Place JVT Dubai is under development in Jumeirah Village Triangle and Ramada Plaza JVC and Avalon Tower by Copthorne are being built in Jumeirah Village Circle, with all three scheduled to open in time for Expo 2020 Dubai.
The opening of all three properties will add almost 1,500 keys to Jumeirah Village’s guestroom capacity, making The First Group one of the biggest hospitality stakeholders in the district.
“The Millennium Place, Copthorne and Ramada Plaza brands are the perfect fit for our properties and for Jumeirah Village. They are renowned for their consistent quality, high service standards and desirable guest facilities,” says Rob Burns, Chief Executive Officer of The First Group.
“We are accelerating our hotel portfolio expansion plans across Dubai, helping the emirate attract more mid-market visitors by the end of the decade.”
The First Group also has multiple projects underway in Business Bay and Dubai Marina.
In the former precinct, the firm has the 495-key The One Hotel, which will operate as Millennium Place Business Bay; Sky Bay Hotel, which will operate as Ramada Plaza Business Bay; and the 330-key Dolphin Tower, a beautifully appointed, contemporary hotel located adjacent to Dubai Canal.
Meanwhile, in the Marina district, the firm is developing the landmark CIEL Dubai Marina, which will be the world’s tallest hotel upon completion and represents a stunning addition to the precinct’s famous skyline.
The First Group’s rapidly expanding pipeline of hotel properties has the firm and its investors ideally placed to capitalise on the rapid increase in tourism arrivals forecast over the coming decade.
Last year, Dubai welcomed 15.92 million international visitors, up from 15.79 million in 2017. In 2020, the city’s tourism authorities are confident of surpassing 20 million arrivals for the first time, setting a new benchmark that will consolidate Dubai’s ranking among the world’s most popular tourism destinations.
The influx of visitors forecast for the next decade will enable Dubai’s hoteliers to reap the rewards of their investments over the last five years.
To discover more about the amazing investment opportunities available in Dubai’s booming real estate sector, download a copy of The First Group’s Hotel Investment Report for free here: https://www.thefirstgroup.com/en/download-hotel-investment-report/