FINANCIAL NEWS

Al Waleed unit takes over a Dubai hotel project

19 Jun 2012

(MENAFN) UAE-based Al Waleed Investment Group announced the acquisition of a Dubai hotel project, the 180-room Splendid Hotel, by its new hospitality unit, Trade Arabia reported.

The project, located in the Oud Metha area of Dubai, will be rebranded to Alwaleed Palace Hotel Apartments, said the company in a statement.

Al Waleed investment has set a target to raise their assets in Dubai to more than 500 rooms by the end of 2014, chairman Mohammed Abdul Razak Al Mutawa said.

Al Waleed Group is currently in talks with a number of investors to acquire some properties in the area of Al Barsha in Dubai.

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