Jumeirah Group is part of Dubai Holding Commercial Operations Group (DHCOG), which is the main unit of Dubai Holding, an investment vehicle owned by Sheikh Mohammed Bin Rashid Al Maktoum. Jumeirah will use part of the loan for the general corporate purposes of the DHCOG, it said.
In April, DHCOG reported more than a sixfold increase in its 2012 net profit on the back of lower costs, an increase in revenue and decline in expenses. DHCOG said net profit last year surged to AED1.2b (US$327m) from a profit of AED204m in 2011, according to an emailed statement. Revenues increased 4.5 percent to AED9.2bn in the period from AED 8.8bn.
“Our turnaround strategy has made considerable strides in 2012 and our businesses across the commercial operations group are increasingly well positioned,” DHCOG chairman Mohammad Al Gergawi said. Jumeirah currently operates 20 luxury hotels and serviced apartments, including ten in the UAE, seven in Europe, two in the Maldives and one in China. A further 15 hotels are currently under development and the company plans to have more than 30 hotels under operation within the next four years.
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