Dubai World eyes more hotel projects

19 November 2008

Dubai World plans to take advantage of the global credit crisis to expand its presence around the world in hotel projects, especially in emerging markets, Gulf News has reported. Speaking at the opening of the Fontaine-bleau Miami Beach resort - the latest high-profile investment of Dubai World in the United States - the company's chairman, Sultan Ahmad Bin Sulayem, stressed the need to see opportunities in times of global financial turmoil. Dubai World paid $375m for a 50% stake in the hotel in April. The stake would have been four times the cost if it had been made two or three years earlier, he noted.

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