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Gallery Suites, OYO Rooms ink partnership to furnish and manage 10,000 premier holiday homes in Dubai

Gallery Suites, OYO Rooms ink partnership to furnish and manage 10,000 premier holiday homes in Dubai

Dubai - Active short-term rentals currently listed in the city number 10,766.



By Staff Report

Published: Wed 4 Sep 2019, 11:03 PM

Last updated: Thu 5 Sep 2019, 1:19 AM

Gallery Suites Vacation Rentals, a subsidiary of the UAE-based IBC Group, recently announced that it has joined hands with OYO Rooms for a deal valued at  $5billion (Dh18 billion) to furnish and manage 10,000 premier holiday homes in Dubai. 
Gallery Suites Vacation Rentals  is part of the IBC Group, which is backed by global banking and finance leader Khurram Shroff. "Dubai's holiday home market accounts for  two per cent of Dubai's total households, which is the highest proportion of all other key global hub cities. Active short-term rentals currently listed in the city number 10,766, which represents growth exceeding 160 per cent, since 2016," said Shroff.
The venture will see the two competitors, Gallery Suites and Oyo rooms, turn partners in an attempt to leverage their individual strengths and deliver a cutting-edge product to the market.
Pranav Mehta, country head for UAE, Oman, OYO Arabia, said: "We at OYO UAE are keen to expand our engagement with the Dubai market and grow along with the IBC Group through the course of this project. The unique approach that The IBC Group and Gallery Suites are taking in selecting prime hot locations, and in furnishing this portfolio of properties, as well as the scale of the venture, represents an exciting possibility for collaboration between our two companies. - sandhya@khaleejtimes.com
 
 


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