wasl Asset Management Group selects MGM Resorts International to advise and operate premier destination resort In Dubai
Dubai-based wasl Hospitality and Leisure, a subsidiary of wasl Asset Management Group, one of the largest real estate development and management companies in the Emirate of Dubai, has selected MGM Hospitality to advise on the development of a premier destination resort in Dubai and to operate the resort when completed. MGM Hospitality, a wholly owned subsidiary of MGM Resorts International (NYSE:MGM), has signed a definitive management agreement with wasl Hospitality.
The 26-acre prime beachfront development, which will feature an MGM Hotel, MGM Residences and a Bellagio Hotel, will mark the debut of the iconic MGM and Bellagio brand names in the Middle East region. A luxurious sanctuary on magnificent Jumeirah Beach set apart from the bustle of Dubai, the integrated resort will be an entertainment destination of the future, featuring a wide spectrum of activities for all ages.
“We are excited and honored by the opportunity to introduce our incredible brands in one of the world’s fastest growing tourist destinations. This marks the first time we will offer multiple MGM luxury brands at a prime beachfront location,” said Bill Hornbuckle, President of MGM Resorts. “This agreement, which makes us the development advisor and operator, reflects our commitment to remaining disciplined and focused in our investments while continuing to advance our brand of entertainment resorts in markets around the world.”
The project was presented to His Highness, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, by officials from both MGM Resorts and wasl Asset Management Group.
Hesham Al Qassim, CEO of wasl Asset Management Group commented: “wasl is proud to be working in partnership with such an internationally acclaimed hotel and resort operator; it is a major milestone and we are very excited to be bringing MGM Resorts on our journey to making Dubai the world’s best city to visit, work and live in. The collaboration also fulfils wasl’s mandate to attract global hospitality players to Dubai, where we are constantly striving to raise the bar in the city by offering tourists, residents and visitors ever more sensational hospitality and entertainment experiences.”
As part of the two million square-foot development, more than a half-million square feet will feature a dazzling theater, an exciting mix of culinary venues ranging from gourmet to casual dining, specialty retail shops, traditional and interactive museums, a sprawling beach club and thrilling adventure zones for both adults and children. The new property will include 1,000 rooms and feature 10 villas and will occupy the longest stretch of waterfront ever developed in Dubai serving as the “anchor” of the expansive beach.
Dubai has grown into a global city and international business hub by launching major enterprises and conglomerates in a relatively short period of time. In 2015, Washington, D.C.-based Brookings Institution ranked Dubai the world’s fastest growing metropolitan area relative to the national growth rate.
MGM Hospitality focuses on the design, development and management of luxury non-gaming hotels, resorts and residential offerings.
wasl Hospitality and Leisure, a subsidiary of wasl Asset Management Group which was established by the Dubai Real Estate Corporation (DREC), manages a significant portfolio of hotels in Dubai totaling more than 5,500 rooms and hotel-apartments.
Source: MGM Resorts International