MANAMA: Shareholders of the Gulf Hotels Group yesterday approved a plan under which the company will take a loan of BD25 million to buy a hotel in Dubai.
The group had called an extraordinary general meeting for the purpose.
“The group will borrow the amount to buy a ready-made hotel in Dubai, which is expected to open shortly,” chairman Farouk Almoayyed said.
“The new hotel will support the group to grow outside the Bahrain market and will enable the group to exploit activity in Dubai in the run-up to and during Expo 2020,” he added. “The cost of the four-star hotel is BD35m and it is expected to generate revenues of about BD3m a year.”
The Gulf Court Hotel Business Bay in Dubai has 269 rooms and suites offering views of the Dubai Canal or the city.
Facing the famous Burj Khalifa, the world’s tallest building, the newly-built hotel is a five-minute drive from the Dubai Mall and a 25-minute drive from Dubai International Airport.
The hotel also features a bar, private karaoke rooms, a lagoon-size pool, gym and a spa.
A separate statement said the Dubai hotel has also joined the portfolio of global sales, marketing and distribution company WorldHotels, which includes more than 350 independent upscale and luxury hotels in 50 countries.
Talking about other projects, Mr Almoayyed said, “The 109-unit Gulf Executive Residence Juffair is now in the fit-out phase and is expected to open for business in November.”
The Juffair project cost BD10m to develop.
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