Dubai’s Azizi Developments has announced plans to invest up to AED60bn ($16.33bn) to build 50 luxury hotels in the city, including a seven-star hotel. The move is expected to add 20,000 new keys to Dubai’s hotel stock over the next five years, with Azizi managing the properties through its hospitality division. The plans were announced at the Arabian Travel Market 2023, with Michael Zager appointed as the division’s COO. Founder and chairman Mirwais Azizi said the move followed the UAE’s Tourism Strategy 2031, which aims to attract over AED100bn in new investment in the sector.