Jumeirah to operate Macau property.
Dubai: The Jumeirah Group is to operate a five-star hotel in Macau as part of an agreement with Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. developer Shun Tak Limited.
The Jumeirah Macau hotel is located in the tourist hub of Cotai and is scheduled for completion in 2013.
Details are not finalised as it is still in the planning stages, a spokesperson from Shun Tak told Gulf News.
Shun Tak officials are optimistic that the venture will help Macau's tourism industry. "This project came about at a time when some players are uncertain about the future. Shun Tak's view of the Macau economy is long term. We remain positive that its fundamental is strong, and will continue to invest in its future, trusting that it will be one of the first destinations to recover from the recent market adjustments," Pansy Ho, managing director of Shun Tak, said.
The tourism industry is growing steadily in Macau with figures from the Statistics and census service showing good growth.
Gross fixed capital formation Gross fixed capital formation (GFCF) is a macroeconomic concept used in official national accounts since the 1930s. Concept and data
The statistical aggregate of GFCF is a measure of the net new investment by enterprises in the domestic economy in fixed capital of Macau's hotel sector was 14.2 billion Macau pataca pa·ta·ca
See Table at currency.
[Portuguese, from Arabic 'ab (Dh6.4 billion) in 2007, a surge of over 48 per cent from the previous year. Total expenditure of the hotel sector increased more than 88 per cent in 2007 from 2006, at 9.4 billion Macau pataca.
The Jumeirah Macau hotel is the third management agreement for the Jumeirah Group in China, said Gerald Lawless LAWLESS. Without law; without lawful control. , executive chairman of Jumeirah Group. The previous two include the Jumeirah HanTang Xintiandi, scheduled to open in Shangahi in 2009 and the Jumeirah Guangzhou hotel, scheduled for 2011.
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