Istithmar invests $5 bn in hotel projects

The UAE based, Istithmar PJSC, said that it will invest up to $5 billion in hotels and resorts, Gulf News reported. The new chief executive of Istithmar Hotels said that the value of the company’‘s current portfolio under development would be $2.5 billion while in a few years time it will easily be around $5 billion.

The company partly owns the $1.5 billion Atlantis the Palm theme park and resort, with Kerzner International.

The company’‘s official said that it will have a balanced approach in both development and acquisition in its global expansion plan.