Bawadi, a member of Tatweer Dubai, on Saturday signed an agreement with Dubai Properties to develop Dh20 billion tourism ($5.4 billion) project over a 30 million sq ft area at Bawadi, the upcoming mega hospitality and tourism hub in Dubai.

The partnership will oversee the construction of 3, 4 and 5-star hotels offering more than 5,000 hotel rooms, a four million sq ft GLA shopping area comprising an integrated desert resort, and a water and sports specialized entertainment park.

The agreement was signed by Mohamed Binbrek, Dubai Properties Group (DPG) chief executive officer and Arif Mubarak, vice president, Bawadi, at the Tatweer office in  Dubai.

The agreement with DPG marks another milestone in Tatweer Dubai’s multi-faceted plan to make Bawadi one of the most prominent sought-after global tourism destinations.

Binbrek said: 'We are delighted to partner with Bawadi. The synergy in capabilities between the organisations and our experience as a leading developer in the region will ensure the partnership’s success.'

'This new project will provide additional opportunities for investors to secure a foothold in Bawadi, one of the region’s largest real estate developments,' he noted.

“Our new project will feature several distinctive attractions that we continuously seek to expand. The hotels and shopping malls in addition to other entertainment facilities within the project will significantly increase investor and partner appeal, while further diversifying our business portfolio,” he added.

Currently, Dubai Properties Group has several major projects under various stages of implementation. The exclusive master-planned communities include the Culture Village, Jumeirah Beach Residence, The Villa, Business Bay and Mudon.

Mubarak pointed out that Bawadi's strategy was to create a destination that offers an integrated diverse range of leisure, hospitality and entertainment services.

'To achieve this, we continuously seek alliances with business partners and investors that have the wherewithal to add value and new dimensions to our projects, especially Bawadi, one of the world’s largest hospitality and tourism destinations,' he observed.

“DPG, which is already implementing a host of landmark projects, has the necessary expertise and capabilities that this mega partnership requires. We are confident Bawadi’s partnership with the group will result in immense advantages to both companies.”

As part of the company's strategy to underscore its status as a leading master planner and deliver a unique destination to catalyse the region’s tourism sector growth, Bawadi is seeking and securing partnerships with major industry players reputed for their profound market knowledge, experience and expertise.

Tatweer Dubai has doubled the initial investment in Bawadi to Dh200 billion in line with the tourism sector’s development objectives as outlined in the Dubai Strategic Plan 2015.

The DPG alliance is Bawadi’s third such confirmed partnership with a leading developer. The company is already collaborating with Al Ghurair in an Dh20 billion joint venture to develop a mixed-use project including the world's biggest shopping mall.

Bawadi has also formed an equal stake partnership with Emaar for developing the mixed-use 90 million sq ft Asmaran as a central area of the 10-km hospitality retail and leisure boulevard.-TradeArabia News Service