Azizi is doubling down on the country’s hospitality sector: Azizi Developments will invest AED 75 bn in developing 151 hotels through its subsidiary Azizi Hospitality, Khaleej Times reports. Over 90% of the new portfolio will be concentrated in Dubai, with some 60k rooms added to the emirate’s hospitality sector. Eight of the hotels are currently under construction, CEO Farhad Azizi said.

This investment plan comes as the UAE is bracing itself for a structural shock to its tourism industry. Inbound arrivals to the region are expected to contract by as much as 27% y-o-y this year, according to a research note from Tourism Economics seen by EnterpriseAM. Confidence in travel to the Middle East could remain weak through 2Q, even in a short-conflict scenario, with gradual improvement into 3Q.

REMEMBER- The developer has several megaprojects in the pipeline, including one of Dubai’s largest mixed-use community developments — worth AED 75 bn in value — and an AED 3 bn investment in a Dubai-based medical complex.

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