Jumeirah hotels group studies Saudi expansion
Dubai-based Jumeirah Hotels & Resorts is planning to expand into Saudi Arabia, said the executive chairman, Gerald Lawless. The luxury hotel management company, which is part of Dubai Holding, has “a number of leads and negotiations going on right now in Saudi”, Mr Lawless said. “Saudi Arabia is very important for us. I certainly believe very strongly in Saudi Arabia as having great potential for corporate travel and for leisure travel, and of course you have religious tourism, which is a major factor as well.” Analysts have highlighted Saudi Arabia as an important market for hoteliers and hotel investors. “The Saudi market is one of the less hit by the crisis because of the financing model and Sharia-compliant way of doing finance and business,” said Amine Hamdani, vice president of CBRE Hotels Middle East. “There is still tremendous liquidity; the economy is still doing very well.