IslamicFinance.de

R Hotels is to develop the first sharia-compliant, four-star resort and spa on Palm Jumeirah, with the company targeting a Q4 2016 opening following AED500 million (US $136.2 million) of investment. Located on the East Crescent of the man-made island, the hotel will be the sixth property for R Hotels, the hospitality management division of R Holding. No operator has been confirmed yet, although a spokesperson said that it will be an international hotel brand. Aimed at leisure travellers, iIt will feature 259 rooms, modern recreational facilities and family-friendly entertainment. Besides, R Hotels is currently developing a hotel on Al Mina Road in Jumeirah, expected to open in the second quarter of 2015.

Deyaar Development is planning to build a Sharia-compliant hotel and furnished apartment tower in the Al Barsha area of Dubai. The company confirmed the project, estimated to cost around AED450 million (US $123 million). Deyaar owns two adjacent plots of land in Al Barsha spanning a total of 71,000 square feet. The project is in the preliminary design stage. Earlier this week, Deyaar launched a new project in Dubai called Montrose, featuring a hotel apartment tower and two residential towers. In March, the company said it had allotted up to one million square feet for hotel and serviced apartment projects in prime locations in the city in the coming years.

Bahrain-based Banader Hotels Co, has signed a BD 18 million (US $47 mn) project finance deal with Kuwait Finance House, Bahrain to raise funds to complete construction of the Banader Rotana Hotel in Manama. Work on the 28-storey hotel and furnished apartments has already begun, with the finished property to comprise of 251 rooms including private suites. According to Banader Hotel Co. Chairman Abdulla Buhindi, the financial crisis affected many real estate projects in the region, where some of them ceased production due to the lack of funding. The KFH Bahrain funding will provide the finance to resume work on the Banader Rotana Hotel. The Banader Rotana Hotel will be located in close proximity to Bab Al Bahrain, Bahrain Financial Harbour and commercial markets.