Burooj signs deal for luxury time share suites

Dubai: Burooj Properties, the real estate investment arm of Abu Dhabi Islamic Bank, has signed an agreement with hotel operator group Millennium & Copthorne to manage the 164-room luxury Burooj Suites in Dubai.

Adel Al Zarouni, managing director of Burooj, said the luxury furnished suites will be offered on a timeshare investment basis.

"We see tremendous opportunities in this particular segment of the market. We are optimistic the property will add to the diverse range of the UAE's tourism industry," he said.

"With Millennium & Copthorne Group's expertise and track record, we are sure the group will offer guests at the Burooj Suites true value for money," Al Zarouni added.

Burooj Properties is engaged in both local and international project investments.

Find the best vacation deals

H ere's a tip sheet on how to ferret out the best deals on your own.

Important: When considering a package deal -- whether it's from a travel agent, a third-party booking site or a vacation discounter -- always price out the individual components at the source to make sure it is an actual deal.

1. Check the aggregator sites. Reputable sites that compile travel deals weekly include Smarter Travel (www.smarter travel.com), Travel Zoo ( www.travelzoo.com), Independent Traveler (www.independ enttraveler.com) and ShermansTravel.com (www.shermanstra vel.com). You can sign up to be notified about new offerings by e-mail every week.

2. Register with the so-called big three travel booking sites -- Expedia, Orbitz and Travelocity -- to receive e-mails about deals and special offers that they broker with travel providers.

Timeshare booms at VOIC in Dubai

More than 150 movers and shakers with an interest in being at the forefront of the region's anticipated boom in the timeshare sector met at the third Vacation Ownership Investment Conference (VOIC 2007) in Dubai yesterday.

These included industry chiefs representing Marriott Vacation Club International, Rotana Hotels, Resorts and Suites, Nakheel and Dubai Economic Department.

David Clifton, Interval's managing director for EMEA and Asia, the promoter of the VOIC forum, told the audience that Interval remains committed to the growth of vacation ownership, pending key Government approvals of 'timeshare' laws to help regulate the industry. Dubai is said to be on the brink of announcing such regulation.

"Interval is now in its third decade of operation and works a network of 2,200 world-class affiliated resorts, for more than 1.8 million member families.

Fractional Ownership Explodes Onto South African Shores

Although fractional ownership has been an extremely popular concept over the past few years in the U.S.A., this concept is fairly new in the South African market. According to the African fractional ownership portal 'http://www.fractionalownership.co.za' - a one-stop shop for all news and products in the South African fractional ownership market - fractional ownership enquiries are increasing exponentially by the day, with over 1000 searches for fractional real estate ownership opportunities every week. "This new asset-sharing concept has exploded onto our shores says," Thys Geyser, Chairman of SAAFI (The South African Association of Fractional Intermediaries). "It just makes financial sense - an investor can now own exclusive property on the beachfront, in a golf resort or on a private game farm from as little as $20,000 and utilize his property four weeks per annum."

The South African property market has shown great returns in the past five years.

Divi timeshares still incomplete

Although there is no movement with the sale of the Divi Tiara Resort on Cayman Brac, the corporation says the re–construction of timeshare units there is to be completed in a matter of months.

But one timeshare owner finds it difficult to believe that the construction will soon be in motion, as the building in question was gutted two years ago and has stood open since then.

"We have been told, over two years, that the construction ‘was about to start’," said timeshare owner Edward Haladay of Baltimore, Maryland. "Today the second building stands stripped to its bones, wind and water swept – empty. We’ll believe Divi when we see it completed and occupiable".

Six of the total 12 timeshare units have been renovated. Divi Resorts Vice President Sales and Marketing Mark Steward, said construction for the remaining six is to be finished within several months.