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Juma Al Majid Group, the Dubai-based family-owned conglomerate, has forayed into hospitality sector, setting up Jood Hospitality which will manage Jood Palace Hotel - Dubai, formerly Taj Palace Hotel.

Jood Palace Hotel has been fully repurposed and has not made any changes to its operational staff, the company said in a statement.

The property houses 147 rooms, 12 suites, and 90 serviced apartments, as well as a selection of F&B outlets and a wide variety of meeting and convention facilities.

Ziad Shahrouri, a senior executive at Juma Al Majid Group, said: “Cognizant of the United Arab Emirates’ stance as the established hospitality hub of the Gulf region, Juma Al Majid Group’s independent entry into the sector is with a distinct value and a new dimension of hospitality.”

Hospitality consulting firm STR Global said the around 90 hotels with 23,821 keys are in the construction phase in the United Arab Emirates.

According to STR Global analysts, the exchange rate between the Euro and the United Arab Emirates dirham favours outbound tourism. Oxford Economics projects the number of United Arab Emirates arrivals in Southern and Eastern Europe to grow by 8 per cent for total year 2015.