The global leader, RCI in vacation exchange and one of the Wyndham Worldwide family of companies (NYSE: WYN), has announced its contract to associate with Aerated Concrete Industries Co. (ACICO) to partner the company's recently proposed Nassima Tower, being constructed in the Trade Center district of Dubai.
The Kuwait-based construction pioneer over recent years has expanded its presence in the GCC. The Nassima Tower, as well as the affiliation with RCI, will be their entrance into the shared ownership industry.
The 50 story tower's central location on Shaikh Zayed Road, 5 minutes from the Dubai International Financial Centre, will appeal to both business and leisure travelers as an ideal property purchase with a variety of units ranging from one to three bedrooms. The property is also adjacent to Hotel JAL Tower Dubai, a 480-room 5 star hotel offering a variety of dining and leisure facilities which is due for completion by Q1 2009.
"ACICO will bring some extremely high quality products to this market and we are very proud to be affiliated with this group for their first foray into this exciting industry," commented Nick Turner, managing director Group RCI Middle East EC.
Speaking on why ACICO decided to venture into shared ownership Nabil Al Khaled, Deputy General Manager for Business Development - ACICO stated: "Dubai is becoming unreachable for many; though people come here once and are amazed, but the ever increasing hotel rates are proving to be a deterrent for return visits. The shared ownership model allows for flexibility in accommodations and for visitors to enjoy this world-class city from one of the best locations year after year. We chose the RCI exchange program because it has the products and services that will help make our project a success," added Al Khaled.
The RCI exchange network is comprised of more than 4,000 affiliated resorts located around the world. Members purchasing units in the Nassima Tower will become subscribing members of RCI, a value added benefit for the owners, offering access to the available resorts in the network.
