Dubai firm Almulla Hospitality has announced plans to launch a Sharia-complaint hotel brand portfolio.
Company chairman Abdulla Mohamed Almulla will outline the US$2bn plans to potential investors at the Arabian Hotel Investment Conference in May.
Almulla says the multi-brand chain, of up to 90 hotels, will comply with Islamic codes such as no alcohol and the provision of halal food.
Financial structures will conform to the ban on interest with returns derived from physical assets.
Operating under the brand names of Cliftonwood, Adham and Wings, the chain will initially target Saudi Arabia, the UAE, Jordan, Egypt, Malaysia and Thailand.
Almulla says there is huge untapped potential in the hotel market for Islamic hotels.
“The Muslim traveller market is growing around the world due to increasing wealth combined with conscious lifestyle living and represents ten percent of the world tourism market – one of the fastest growing segments.”
By Elizabeth Clifford-Marsh