India-based Lemon Tree International has broken into Dubai's hospitality market after opening a $27.2m (AED100m) hotel close to prominent landmarks such as Burj Al Arab.
However, commenting on the opening in a press statement, chief executive officer of Al Waleed Investment Group, Mohammed Abdul Razzaq Al Mutawa, said: “The local market in Dubai in various economic sectors is particularly engaging and has continued to gain interest from international companies that aspire to win the best investment opportunities in light of the growing demand for the local environment. Its appeal includes security, safety, better returns, and a competitive global position.”
General manager of Lemon Tree Hotels & Resorts, Rattan Kiswani, added: “We are delighted to enter the hospitality market in Dubai, with the management of the first distinctive hotel facilities in the emirate. Lemon Tree Dubai, a subsidiary of Al Waleed Investment Group, provides an exceptional experience in raising our ambitions for further activity and expansion in the UAE hospitality market.”