UAE firm to build hotels in Myanmar

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myanmar-mandalay-hotels-sedona-hotelAn United Arab Emirates-based company is among the five businesses that were were granted permission to invest in Myanmar on June 12, according to the Myanmar Investment Commission.

Gecko Holdings Ltd, an investment company in the UAE, has formed a joint venture with Myanmar-based Kyaw Win Phyo Co, to establish a new hotel company called Mokan. The firm said it will build hotels in the Tanintharyi Region, Kawthaung Township, Kyunphelar and Nga Man Island.

The joint venture comes at a time when Myanmar has decided to invest $500 million to push its tourism development plan. The country is chronically undersupplied with hotel capacity which has seen prices for existing accommodation skyrocket.

Foreign hotel operators have been queuing up to build new facilities in a market that saw a 55 per cent rise in foreign arrivals in 2012 and another 44 per cent in the first 4 months of 2013.

 

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Reading Time: 1 minute

An United Arab Emirates-based company is among the five businesses that were were granted permission to invest in Myanmar on June 12, according to the Myanmar Investment Commission.

Reading Time: 1 minute

myanmar-mandalay-hotels-sedona-hotelAn United Arab Emirates-based company is among the five businesses that were were granted permission to invest in Myanmar on June 12, according to the Myanmar Investment Commission.

Gecko Holdings Ltd, an investment company in the UAE, has formed a joint venture with Myanmar-based Kyaw Win Phyo Co, to establish a new hotel company called Mokan. The firm said it will build hotels in the Tanintharyi Region, Kawthaung Township, Kyunphelar and Nga Man Island.

The joint venture comes at a time when Myanmar has decided to invest $500 million to push its tourism development plan. The country is chronically undersupplied with hotel capacity which has seen prices for existing accommodation skyrocket.

Foreign hotel operators have been queuing up to build new facilities in a market that saw a 55 per cent rise in foreign arrivals in 2012 and another 44 per cent in the first 4 months of 2013.

 

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