Dubai’s Damac launches Shariah-compliant hotel apartments

Dubai-listed Damac Properties has launched the second phase of its Shariah-compliant serviced apartment project Ghalia, offering investors a special payment plan during Ramadan.

Construction is already underway on Ghalia, a 38-storey tower in Jumeirah Village, which will be operated by Damac Hotels & Resorts.

Ghalia was developed in response to rising demand for halal tourism in Dubai, which sees a significant number of tourists from Saudi Arabia and the GCC seeking Shariah-compliant accommodation options, said Damac Properties managing director Ziad El Chaar.

Saudi tourists represent the largest number of visitors from the GCC, with 1.5 million visiting Dubai last year and this number is expected to reach 2.5 million by 2020, he added.

“A growing number of regional investors seek primarily Shariah-compliant investments and financing. In addition, Islamic banks and lenders extend funding only to hotels that follow Sharia practices. Ghalia is Dar Al Shariah-certified, making it an investment that complies with the principles of Islam,” El Chaar said.