Dubai is filled with all things glitzy and fancy, but there are a few landmarks that certainly stand out. The super luxury resort Anantara The Palm is one of the most opulent properties in the city. Boasting 400 meters (1,312 feet) of private beach overlooking the Arabian Sea, complemented by an intricate network of waterways, the resort has attracted tourists and residents through the year. But, reports reveal that the luxury resort is now up for sale. Here’s what we know so far.
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United Arab Emirates-based developer Seven Tides, the owner of Anantara The Palm, is in discussions with Grant Thornton LLP regarding a potential sale. Although negotiations are still in progress and no specific buyer has been found, the sale of the opulent Anantara resort is a testament to Dubai’s booming tourism sector. A potential deal worth 1.1 billion dirhams is under consideration, a Bloomberg report read.
The discussions are a result of tourism boom in Dubai, which began when the city emerged as a safe haven during the pandemic. Ever since the Dubai has attracted a large number of affluent expatriates and visitors. According to real estate consultant CBRE Group Inc., hotel occupancy rates in the emirate had an average of about 83 percent over the past year through March, and the first quarter saw an average daily rate of AED783.8 ($213.45).
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Taimur Khan, CBRE’s head of research said: “Beach properties’ performance improved very rapidly after the pandemic and that’s driving considerable interest in the few hotels available to investors. This is an opportune time for asset owners to exit as valuations look attractive with the strongest market we’ve had in years.
UAE Targets 40 Million Tourists In Dubai By 2030
Investors expect that Dubai’s visitor numbers could rise even further, before it comes back to the pre-pandemic levels. Dubai’s tourism sector has witnessed a steady increase, since the pandemic. In 2022, Dubai witnessed twice as many foreign visitors to Dubai than in 2021. The most recent data from Dubai’s Department of Economy and Tourism indicates that the emirate received 14.36 million visitors in 2022, an increase of 97% over the 7.28 million tourists that came in 2021. (DET).
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on a visit to Arabian Travel Market 2023 announced that the UAE has made a strong bounce back from the Covid pandemic, with tourist spending increasing 70 percent in 2022.
In addition, HH Sheikh Mohammed also added that the UAE has targeted 40m tourist visits by 2030, along with a sector contribution of AED450bn ($123bn) to the national GDP.
Sheikh Mohammed said: “Global tourism has rebounded after three years of decline. The UAE’S tourism sector has also made a strong comeback, with tourist spending in 2022 increasing by 70 percent to reach AED121 billion, leading the region.”
“We have set a target of reaching 40 million tourists within seven years, and increasing the tourism sector’s contribution to our GDP to AED450bn.”
“We remain committed to developing all sectors of our national economy, with the goal of building the best and most active economy in the world.” He further explained that his vision was to make Dubai a preferred global destination for business and investment.
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