$1 billion re-boost for Dubai developments

30/10/2011 - Dubai Investment News
$1 billion re-boost for Dubai developments

The Dubai government’s investment arm has announcement a $1 billion injection to kick-start some major projects in the city. The money from the Investment Corporation of Dubai (ICD) will boost work on a number of developments, including the Jumeirah Beach Club and the expansion of the Dubai Cruise Terminal.

"Stop is not part of the vocabulary in Dubai, and success is a continuous process that never stops," said His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, commenting at the announcement.

The hotel industry is also set to benefit, with the investment helping to fund a further 1500 rooms throughout the city. Dubai currently has more than 80,000 guest rooms across more than 500 hotels and apartments. The news is also a further boost to Dubai’s thriving tourism industry, which is forecast to grow to beyond 8 million visitors by the end of the year.