IFA Hotels, Tijaria launch US$50 m vacation club
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IFA Hotels & Resorts (IFA HR) has come together with Kuwait-based Tijaria to launch a vacation club business priced at US$50 million
Talal Al-Bahar, chairman and Group CEO, IFA HR, believes the Club fills a gap in the current market. “Aria Vacation Club is the first Middle-Eastern backed vacation club with capacity to dominate markets in MENA, South East Asia, Europe and North America.”
Annually, Dubai attracts approximately 6.4 m leisure visitors and boasts year-round occupancy rates of 70%. Abdul Fatah M R Marafie, chairman and managing director, Al-Tijaria said: “Timeshare is a USD$14 bn global business, of which the Middle East is the smallest contributor at roughly USD$36 m. When compared to another emerging market – Africa – which represents approximately USD$616 m, the room for growth is staggering.”
Although starting regionally, Aria intends to reach global partners. Sharia-compliant financing, for instance, will be easily available to qualified members. Aria also aims to partner with third party developers who can bring inventory into the club quickly. The points-based Aria Vacation Club is expected to begin formal operation in 18 months’ time, when its flagship Dubai property – Kingdom of Sheba – opens on the Palm Jumeirah.
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