Hotel morphing into Timeshare

The National Newspaper of the UAE reports about a former hotel now being refurbished as a timeshare property:

A tower on Sheikh Zayed Road that previously housed the Angsana Dubai hotel has been converted into a timeshare property, one of the first in Dubai to employ split ownership.

Interestingly, the report quotes:

Chiheb ben Mahmoud, the senior vice president at Jones Lang LaSalle Hotels for the MENA region, said the laws governing timeshare in the Emirates were limited.

“Although there is no fully completed legal framework for timeshare in Dubai, the current legal and regulatory framework seems to accommodate marketing and management of timeshare projects.”

There are about six timeshare companies operating in Dubai, including Arabian Falcon, which has the Royal Club Palm Jumeirah and Royal Club Downtown Dubai. Another is the Emerald Vacation Group.

Full report here