UAE group Emaar has announced that it plans to enter into the timeshare market, to cater for the robust growth in tourism.
Emaar Hospitality Group, a business subsidiary of Emaar Properties, will soon unveil its timeshare roster encompassing serviced residences and custom-designed resorts in Dubai, some of which may appeal to property investors.
The company also plans to expand its timeshare business to other countries, including Morocco, Jordan, Saudi Arabia, India, Turkey, Egypt and Indonesia.
“The timeshare market in Dubai is poised for exponential growth with booming inbound tourists driving the demand for spacious accommodation that hotels cannot fully meet,” said Mohamed Ali Alabbar, chairman, Emaar Properties. “Emaar already has an extensive hospitality and leisure portfolio featuring several hotels and serviced apartments. Additionally, we plan to develop dedicated timeshare resorts. Emaar is finalising the modalities of the timeshare business in line with the guidelines of the Dubai Government and also putting in place a special team to support the initiative.”
A number of other companies are expected to follow Emarr into the timeshare sector of the property market. The government in Dubai is currently drawing up a legal framework to assist companies entering into the sector.
Marc Dardenne, CEO, Emaar Hospitality Group, explained: “A recent survey by NorthCourse Research Firm reveals that Dubai, followed by Sharm El Sheikh and Makkah, is the most preferred timeshare location in the Middle East region.
“Better regulation has been the key challenge of the timeshare business in Europe, where the business is most booming with over 1.3 million timeshare owners as of 2006. However, Dubai is already one-step ahead in terms of timeshare business by having a governmental framework to follow. This will give impetus to Emaar Hospitality in adopting a structured approach with a focus on segmentation of timeshare business – the key to meeting the requirements of Dubai’s eclectic tourist profile.”