Global events will drive demand for quality short-term accommodation, asserts H.E. Khurram Shroff, Owner, Okapi World Art Gallery and the Chairman, IBC Group, UAE, while in conversation with Ranjana Konatt, Editor, Industrial India…
Could you elaborate on the GCC hospitality market, how much is it worth? What are the Investments and acquisitions being made by IBC in the hospitality real-estate sector?
Reports indicate that the GCC Hospitality market is expected to reach US $32.5 billion by the year 2022. Global events such as the World Expo2020 in Dubai, the FIFA World Cup, infrastructure and development, traveller-friendly visa regulations and the digitization of the industry are all aimed at creating a hassle-free travel experience for tourists, which will further drive demand for quality short-term accommodation. We feel that it’s the right time to cater to the growing demand for affordable luxury. Acquisitions for the properties are already underway – the first choice of the location being Dubai Marina. Dubai Marina is an extremely popular district in Dubai that caters to a growing market of discerning travellers and visitors from Europe. These travellers and visitors seek high-quality, high-price locations at affordable rates. This is the niche we cater to as we provide them with affordable luxury for vacation homes in popular locations at an attractive price point.
How is the upcoming World Expo 2020 likely to contribute to things from a value proposition point of view?
Dubai properties have a hospitality angle to it, and the World Expo 2020 is coming. We believe that this is a perfect time and investing will lead to greater efficiencies. On the ownership side, we want to launch a bond with IBC that will give yield to Sukuk holders, with the money we will buy the apartment portfolio of 10,000 units. And if done right, we will be able to expand and extend this same model in 82 countries.
Could you elaborate on the mission-statement of the IBC Group and Gallery Suites Investments…
IBC is an investment holding company based in JAFZA which can hold ownership to the title of the property in Dubai. We invest in different structures and Limited partners in various real estate transactions globally, especially in the US and Canada. Our mission is to inspire people with living spaces. And, to buy properties globally to convert them into holiday homes and the new hospitality world norm.
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Ranjana Konatt is the Editor – Industrial India, she may be contacted at – ranjana@charypublications.in
