Burooj Properties, the Real Estate Investment arm of Abu Dhabi Islamic Bank, has signed an agreement with Millenium & Copthorne Group, one of the leading international hotel operators, to manage the 164-room luxury “Burooj Suites” in Dubai.
The contract was signed at the Burooj Properties Head Office in Abu Dhabi by Mr. Adel Al Zarouni, Managing Director on behalf of Burooj and Mr. Ali Hamad Lakhraim Al Zaabi, President, Middle East & Africa on behalf of Millenium.
Mr. Al Zarouni said: “We are privileged to be associated with a renowned brand such as the Millenium & Copthorne Group. With their expertise and track record, we are sure the Group will offer guests at the Burooj Suites true value for money.”
“The Burooj Suites, ideally located near Port Saeed, Dubai, close to the City Center and just a short drive from Dubai International Airport, is the first of several such Sharia’a Residential Hotels we are planning to launch during the year. The ‘luxury furnished’ suites will be offered on a ‘timeshare’ investment basis through our partners BAZ Real Estate Systems.”
“With a magnificent view of the Creek and the landscaped park nearby, the “Burooj Suites” will open a new chapter in Dubai’s hospitality offerings, Mr. Al Zarouni added.
Manfred P Simons, Millenium Group’s Vice President, Middle East & Africa said: “For the Millenium & Copthorne Group, this is a great opportunity to participate in the success story of the UAE and the region. Our association with Burooj Properties will prove valuable to both the organizations. We are confident the niche offering this partnership brings to the market will immensely benefit the hospitality sector.”
Mr. Al Zarouni added: “We see tremendous opportunities in this particular segment of the market. As a service provider, Burooj Suites offers unparalleled luxury amenities besides a restaurant, swimming pool, gym, 24-hour housekeeping and private parking. We are optimistic the property will add to the diverse range of the UAE’s tourism industry.”
Though in operation for just over a year, Burooj Properties has chalked out a clear-cut strategy to become a leading player in the UAE and GCC within the next few years. At present the company manages an extensive property portfolio and is engaged in both local and international project investments. More traditional services such as property management, valuations and Islamic property financing are also part of its offerings through the parent company.
The Millennium & Copthorne hotels with its regional office for the Middle East & North Africa in Abu Dhabi have already announced an expansion plan with a target of operating 40 hotels in the next four years. Millennium Hotels now manages five properties one each in Abu Dhabi, Dubai, Sharjah, Marsa Alam Egypt, and most recently in Doha since January 2007.
