Emaar Properties has acquired the management of two hotels in Downtown Dubai as it swaps housing for hospitality.
The Dubai developer of the Burj Khalifa is increasingly focusing on retail and hotel development to compensate for a slowdown in demand for properties. Emaar has assumed the day-to-day management of the four-star Al Manzil and Qamardeen hotels.
The move was intended to yoke the company closer to two of the fastest-growing sectors in the local economy, said Mohamed Alabbar, the chairman of Emaar Properties.
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