Sunday, August 9, 2009

Dubai in Mexico: Hydra Wave Mazatlan

I recently spent a day in Mazatlan, Mexico and was surprised (somewhat) to find that Dubai has made inroads there with its far-flung real estate enterprises. Hydra Properties, a company based in Dubai, one of the seven United Arab Emirates, is building the Hydra Wave project, a glittering seven-tower project, 37 stories at its highest, including commercial, residential, and hotel spaces. There will be a 5-star hotel, spas, the whole nine yards, in typical Dubai fashion. I have not done the research to find out how the schedule is holding up in the current economic environment. From an AMEInfo article on the project:

'We have chosen to launch our property in Mazatlan because, like UAE, it offers visitors diverse choices in tourism including its rich heritage and traditions, and colorful colonial-style architecture,' said Dr Sulaiman Al Fahim, Chief Executive Officer, Hydra Properties.

I find this quote interesting because as I was making the trip from the airport to the coast and back, I found the area to be strangely reminiscent of Oman and the UAE in a number of ways. The roadways and the roadside shops and sights were very much like those you'd find in the Gulf outside the cities. The coastline is ripe for Dubai-style glitz and I think that the project will do very well there if the economic environment turns around. My only question would be when Emirates is going to start service to Mazatlan. Probably not any time soon, so I don't think you'll be seeing too many Arab tourists at the project yet.

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