SoftBank-backed Oyo to add 2,000 apartments in Abu Dhabi

Company aims to expand operations in the emirate amid a surge in demand for accommodation

Oyo currently offers 750 apartments in Abu Dhabi. Photo: Oyo Hotels
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SoftBank-backed Indian hotel aggregator Oyo plans to add 2,000 apartments in Abu Dhabi amid the growing demand for accommodation for residents in the emirate.

The fully furnished apartments will be located in areas such as Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif, the company said on Wednesday.

These are in addition to the 750 apartments it is currently offering in Khalifa City, Al Zeina and Al Raha.

“We are excited about the opportunity to contribute to Abu Dhabi's thriving start-up ecosystem and expat community,” said Ankit Tandon, Oyo's global chief business officer and chief executive of South-East Asia and the Middle East.

The hotel-booking company, aims to capitalise on a growing demand as more companies move their operations to Abu Dhabi or open branches in the UAE capital, due to government incentives and the business-friendly environment.

The emirate attracted more than 25 companies, including PolicyBazaar, DealShare, Momos, Raena, Hippo Video, Ultrahuman, India Gold, ClassPlus, Mensa and Expand My Business, Oyo said.

South Korean blockchain company Neoply is also setting up its global headquarters in Abu Dhabi.

Tikehau Capital, a France-based alternative asset management company is also opening an office in the Abu Dhabi Global Market, it said earlier this month.

Oyo, which was launched in 2013 by Ritesh Agarwal, has submitted a confidential “pre-filing” document for what appears to be a slimmed-down initial public offering, Reuters reported in March.

The company initially filed to go public in 2021, aiming for an IPO of 84.3 billion Indian rupees ($1.02 billion) but delayed the share sale.

Oyo is now aiming for an IPO size of $400 million to $600 million, according to the report.

The platform of the global travel technology company has more than 170,000 hotel and home storefronts in more than 35 countries including India, Europe, and South-East Asia.

Updated: July 19, 2023, 11:19 AM