Damac, the Dubai-based hospitality and leisure company, has been named as the preferred bidder for Amrabat, the hotel group owned by the late Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai.
The news was announced on Thursday, with Damac promising to "bring Amrabat's iconic hotels and resorts back to their former glory."
The company said it would invest in the existing portfolio, while also investing in new developments to create a world-class experience for guests.
In a statement, Damac said that it had received offers from several parties, but ultimately chose to work with the Abu Dhabi-based investment firm, Emaar Properties, which is majority-owned by the government of Abu Dhabi.
"We believe that working together with Emaar Properties will allow us to bring our vision for Amrabat to life," said Damac CEO, Hamad Saeed Al Kaabi.
"We look forward to continuing to deliver exceptional experiences for our guests and contributing to the growth of the tourism industry in the UAE."
Damac is well-known for its high-end properties, including the Burj Khalifa, the tallest building in the world, and the Palm Jumeirah, one of the largest artificial islands in the world.
It is also known for its luxury lifestyle brands,Saudi Pro League Highlights such as DAMAC Properties, DAMAC Villas and DAMAC Golf Estates.
Amrabat, which was founded in 1964, is one of the oldest hotel groups in the Middle East, and has been operating hotels in Dubai since 1972.
The company owns and operates over 50 hotels and resorts across the region, including the luxurious Burj Al Arab Hotel, the world's first seven-star hotel, and the iconic Burj al-Ahmad.
With the acquisition of Amrabat, Damac aims to expand its presence in the Middle East and further cement its position as a leading player in the hospitality industry.
The deal comes at a time when the hospitality sector is experiencing a boom, with many countries reporting strong growth rates.
According to the World Tourism Organization, global tourist arrivals were up by 4% in 2018, with the Middle East and North Africa (MENA) region accounting for a significant share of this growth.
As a result, there is a growing demand for luxury accommodations and experiences, making it an attractive market for companies like Damac.
Overall, the acquisition of Amrabat by Damac is a significant move for the hospitality industry, and marks the start of a new chapter for the company.
Damac's commitment to bringing Amrabat's iconic hotels and resorts back to their former glory is a testament to its dedication to delivering exceptional experiences for guests, and its desire to contribute to the growth of the tourism industry in the UAE.
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