• Palette Resorts launches first residential tower in Tourist Club Area in Abu Dhabi as part of its plan to add 1000 apartments in Abu Dhabi in 2024
  • There are office space and commercial space also available making Palette Towers a key attraction in the location
  • OYO’s expansion in Abu Dhabi to focus on emerging business and leisure hotspots such as Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif and popular tourist destinations that include Sheikh Zayed Grand Mosque, the Emirates Palace, Etihad Towers, Louvre, Ferrari World, Warner Bros World, Yas Waterworld and Sea World
  • OYO already has 1,000 + apartments for expat housing under the OYO Life and OYO Homes segment in Abu Dhabi and Dubai
  • OYO is planning to meet the growing demand for long term rental accommodation by the expats in Abu Dhabi

Abu Dhabi, UAE – Palette Resorts launches state of the art luxury residential cum retail tower in Tourist Club area, which is also known as Al Zahiyah in Abu Dhabi, with 100 thoughtfully designed one- bedroom units. It plans to add 1000 apartments in Abu Dhabi in 2024 to meet the growing demand of long terms rental accommodation by the expats.

Located on the eastern side of Abu Dhabi, at the intersection of Corniche Road East and Al Falah Street, this new building offers stunning city and Salam Street views, enhancing its appeal. Moreover, its standout feature is the ample parking space available, setting it apart from other apartments in the area.

The tower is surrounded by landmarks such as the Corniche, a public park, Salam Street, a bus stop offering access to the International Abu Dhabi Airport, Abu Dhabi Mall, supermarkets, the Mina Shopping Market, Corniche Hospital, Medeor Hospital, Abu Dhabi Grammar School, and Al Shomoo Private School.

Some of the key facilities in the apartments include modern kitchen layouts, semi furnished kitchen, built in closet/wardrobe, sofa set, dining table, and electronic appliances such as television, refrigerator, and washing machine etc.

Global hospitality technology company OYO owns Palette which is spread across the globe including OYO Palette Resort at Myrtle Beach in South Carolina in the United States of America, Palette Reflection hotel in Dubai, Palette Siniya Island Resorts in Umm Al Quaim and Palette The Grand Morrocc in Chiang Mai in Thailand.

OYO already has more than 1,000 apartments for expat housing under the OYO Life and OYO Homes segment in Abu Dhabi and Dubai. Abu Dhabi's economy has been robust, with diversified sectors such as oil and gas, tourism, and finance driving growth. This economic stability has increased the influx of expatriates and tourists, leading to a higher demand for quality housing options. Its population has been steadily increasing, driven by both natural growth and immigration. This growth has created a need for more housing units, especially those that meet international standards in terms of design, amenities, and infrastructure and are cost-effective and flexible as compared to hotels

OYO focuses on key business districts and leisure hotspots for the expansion to provide an optimal blend of work and relaxation for the guests. It includes Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif and popular tourist destinations that include Sheikh Zayed Grand Mosque, the Emirates Palace, Etihad Towers, Louvre, Ferrari World, Warner Bros World, Yas Waterworld and Sea World.

Speaking on the expansion plan Karan Ashok, Head, OYO United Arab Emirates said, “In line with OYO's commitment to providing affordable accommodation solutions, the residential tower offers competitive rental rates, making it an attractive option for expatriates seeking long-term rentals in Abu Dhabi. There is round the clock on-ground support to ensure a memorable experience”.

According to a report by Savills, a global real estate agency, Abu Dhabi's residential sector witnessed an impressive 83% year-on-year growth in 2023. This surge in demand for residences is attributed to various positive government initiatives and announcements, a robust economy, and the launch of new projects. Additionally, Abu Dhabi has experienced an influx of expatriates and digital nomads, a trend reflected in the Savills Executive Nomad Index. This year, Abu Dhabi made its debut in the index, securing the 4th position, indicating its growing popularity among global professionals seeking a dynamic living environment.

About OYO

OYO is a global platform that aims to empower entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aim to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world. OYO offers

40+ integrated products and solutions to patrons who operate approximately 1.70 lakh hotels, homes and listings in more than 35 countries including India, Europe and Southeast Asia, as of September 30, 2022. For more information, visit  https://www.oyorooms.com/ae/.

Disclaimer: Oravel Stays Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (the “Equity Shares”) and has filed the Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”).

The DRHP is available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges, i.e., BSE   Limited   and   National   Stock   Exchange   of   India   Limited   at   www.bseindia.com   and www.nseindia.com, respectively, and is available on the websites of the Global Coordinators and Book Running Lead Managers, i.e., Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and   Citigroup   Global   Markets   India   Private   Limited   at   www.investmentbank.kotak.com, www.jpmipl.com   and    www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm;    the websites of the Book Running Lead Managers, i.e., ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited, JM Financial Limited and Deutsche Equities India Private Limited at www.icicisecurities.com, www.nomuraholdings.com/company/group/asia/india/index.html,       www.jmfl.com       and www.db.com/India, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, refer to the Red Herring Prospectus which may be filed with the Registrar of Companies in the future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision. The Equity Shares offered in the Fresh Issue (as defined in the DRHP) and the Offer for Sale (as defined in the DRHP) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not  subject  to,  the registration  requirements of the Securities Act  and  applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in transactions exempt from, or not subject to, the registration requirements under the Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States

For more information, please contact Matrix PR
Khushie Mallya - khushie@matrixdubai.com