Bawadi doubles investment to US$55 billion in line with Dubai's strategic plan 2015.

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13 May 2007

Under the Directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, Ruler of Dubai; Bawadi, a member of Tatweer, today announced it is to double its initial investment to US$55 billion.

This follows the recent announcement launching the world's largest shopping area of over 40 million sq ft gross lease-able area within Bawadi, the integrated hospitality and tourism project, member of Tatweer.

Commenting on the expansion, His Excellency Mohammed Al Gergawi, Executive Chairman of Dubai Holding, said: 'The Bawadi expansion is in line with Dubai's strategic plan 2015, with the tourism sector set to contribute 11% in annual growth to achieve a GDP of USD 108 billion by 2015.

'Doubling the investment will secure Bawadi's position as a must visit destination for tourists. The increase in both hotels and available rooms will ensure that Dubai's hospitality industry can meet the projected demand.'

Saeed Al Muntfiq, Executive Chairman of Tatweer said: 'Under the directive of HH Sheikh Mohammed Bin Rashid, Bawadi is to increase the number of hotels to be set up from 31 to 51 including residential hotels with unique features and designs in addition to spacious resorts, with the total available rooms increasing from 29,000 to 60,000.

'Bawadi will have the highest concentration of hotels linked to the biggest shopping area in the world. These statistics pay testament to our commitment to deliver this project in accordance to HH's vision of Dubai's tourism industry adding to the growth of Dubai as a destination and diversifying its economy.'

Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, in May 2006, Bawadi is the world's largest hospitality and leisure development that will include the world's biggest shopping area and experience. The US$55 billion project will feature 51 hotels accommodating more than 60,000 rooms, including Asia Asia - with 6,500 rooms as well as retail, entertainment and convention facilities.