Nakheel and AccorHotels sign management deal for ibis hotel

Updated 12 January 2018
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Nakheel and AccorHotels sign management deal for ibis hotel

Nakheel and AccorHotels have signed a management agreement for ibis Dubai Jumeirah Village Circle, further strengthening their strategic partnership for Dubai hospitality projects.
Ali Rashid Lootah, the chairman of Nakheel, and Olivier Granet, managing director and chief operating officer for AccorHotels Middle East & Africa, signed the deal, which is the third collaboration between the two companies.
A month ago, Raffles was announced as the brand for the luxury hotel and residences at PALM360 on Palm Jumeirah, and Nakheel’s 251-room hotel at Dragon Mart, which opened in 2016, is also managed by AccorHotels, under the ibis Styles brand.
Located inside the eastern edge of the sprawling Jumeirah Village Circle community, the 252-room ibis hotel will provide an economy hospitality offering, with an all-day restaurant with indoor and outdoor seating, cafe, fitness center, meeting room and car park. The hotel is expected to open in 2021.
Lootah said: “Our hospitality business continues to go from strength to strength, as we design and deliver a diverse range of hotels, resorts and serviced residences at key locations across Dubai, and partner with world-leading hotel brands to bring new hospitality concepts to the emirate. I am delighted to further reinforce our partnership with AccorHotels for the ibis hotel at Jumeirah Village Circle.”
Granet said: “We are thrilled with the collaboration. Following the recent announcement of the Raffles brand on the iconic Palm Jumeirah with PALM360, as well as our operation of ibis Styles Dragon Mart, we value this successful relationship and recognize Nakheel’s far-reaching vision of further enhancing Dubai as a world-class destination.
“ibis is by far the leading economy hotel brand in the region with 39 hotels and this project is a true testament to the strength of this offering in the Middle East.”


ADIB becomes first bank to join UAEIIC

Updated 23 June 2018
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ADIB becomes first bank to join UAEIIC

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has joined the UAE International Investors Council (UAEIIC), making it the first bank in the UAE to become a member in the council. This comes following an approval from the board of directors of the UAEIIC, headed by Sultan bin Saeed Al-Mansoori, UAE minister of economy.

Through this membership, ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy, to help remove obstacles, strengthen foreign investment relations and support sustainable economic development.

Khamis Buharoon, vice chairman and acting CEO at ADIB, said: “We are proud to be the first bank to join the UAE’s Investors Council. We are also committed to the development of Emirati investments, which are critical to economic diversification and the UAE’s global economic competitiveness. Important measures have already been taken to secure support and protection and to overcome any challenges faced by Emirati investors abroad, and we look forward to playing an instrumental role in building on these efforts.”

He added: “The establishment of the UAE International Investors Council forms part of broader efforts to advance economic diversification policies that complement the expansion and growth of the UAE’s private sector as well as create a favorable environment that supports national companies investing abroad. The council provides a vital link between investors interested in promising opportunities available in countries with close ties to the UAE and governmental and semi-governmental entities to streamline the investment process. It also serves as a pillar for ensuring the protection of UAE capital abroad through advice, guidance, and logistic support.”

Jamal Saif Al-Jarwan, secretary-general of the Emirates Council for overseas investors, said: “We have the honor to join Abu Dhabi Islamic Bank as an active member of the council, which contributes to enhancing the role of the council’s working environment to support the state’s economic development and to keep pace with developments in the economic, investment and banking sectors in general, since the measure of success depended not only on financial results but also on how it dealt with the needs changing markets, innovative and sophisticated solutions that keep pace with rapid global changes and shifts in those sectors.”

He added: “Emirati investment abroad plays a vital role in more than 70 countries in the world and has a great impact on the soft and reputed power of our young state in the world, which is a great achievement and a strong demonstration of the path of investment of the Emirati investors in the right direction.”