Deyaar Development PJSC, a UAE-based real estate developer, today announced the signing of a memorandum of understanding (MoU) with Millennium & Copthorne Hotels to develop new hospitality projects in the UAE totalling approximately 1,000 hotel rooms.
The move is part of "aggressive growth plans" for Millennium & Copthorne Hotels, which plans to open 100 hotels in the Middle East and Africa by 2020.
"We believe that our agreement with Deyaar will help us achieve our targets within the set time-frame," said Ali Hamad Lakhraim Alzaabi, the company’s president and chief executive.
Deyaar chief executive Saeed Al Qatami said his company had already allocated up to a million square feet of land for hotels in the country.
"This MoU reiterates our commitment to introduce new hospitality units into Dubai’s vibrant tourism sector and contribute in helping the emirate achieve its tourism objective of adding 160,000 new hotel rooms by 2020."
Deyaar’s first foray into hotels was The Atria, in Dubai’s Business Bay area.
The company has also announced a hospitality tower as part of its Montrose project.
Millennium & Copthorne Hotels plc owns, asset manages and/or operates around 120 hotels worldwide.
Photograph: Downtown Burj Dubai and Business Bay, seen from Safa Park (Robert Luxemburg/Wikimedia Commons)