UAE-based developer Azizi Developments announces its plan to invest up to AED60 bn ($16.3 bn) through the launch of 50 upmarket luxury hotels and resorts and one very prestigious seven-star hotel in Dubai, Invest-Gate reports.

With these new launches, the developer will add nearly 20,000 new keys to Dubai’s hotel stock over the next five years.

Azizi says that its hospitality division will manage these new hotels and resorts in the UAE and beyond.

While coinciding with the 30th edition of the Arabian Travel Market, the region’s leading event for the inbound and outbound travel industry and biggest gathering of its kind, the announcement also follows Azizi’s recently revealed plans to enter the hospitality sector, with its new Chief Operating Officer, and Hospitality, Michael Zager, leading the developer’s newly established hospitality division.

It is worth noting that Aziz as a leading developer, is now leveraging its real estate aptitude and in-depth understanding of the wants and needs in the realm of accommodation to grant visitors unparalleled hospitality experiences worldwide.