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UAE- 1.4bn Royal Atlantis planned
(MENAFN- Arab News) DUBAI: Developers have said they will build a $1.4 billion expanse of lavish suites and residences next to the famed Atlantis resort on Dubai's man-made palm-shaped island as part of the emirate's drive to build up tourism revenue.
Investment Corporation of Dubai and Kerzner International Holdings which will manage the 800-room hotel said The Royal Atlantis Resort and Residences will feature modern architecture that allows for sky-high gardens and private infinity pools overlooking the island and water. There will also be 250 luxury residences in the resort.
ICD an investment arm of the Dubai government acquired a significant stake in Kerzner earlier this year with some state media reporting its share is 46 percent. Another state-owned Dubai firm Istithmar World bought out Kerzner's stake in the Atlantis Palm in Dubai in 2012.
Executive Director and CEO of ICD Mohammed Ibrahim Al-Shaibani said the new resort is an investment in the future of Dubai.
"This investment reaffirms ICD's commitment to support the long-term growth of our domestic hospitality market a key pillar and growth sector for the Dubai economy" he said in a statement.
ICD's holdings include the Middle East's biggest airline Emirates and a stake in Emaar Properties the builder of the world's tallest tower the Burj Khalifa.
Dubai part of the United Arab Emirates has positioned itself as a destination for over-the-top luxury and opulence. Tourism is a major source of revenue for the emirate which is preparing to host the World Expo in 2020.
Investment Corporation of Dubai and Kerzner International Holdings which will manage the 800-room hotel said The Royal Atlantis Resort and Residences will feature modern architecture that allows for sky-high gardens and private infinity pools overlooking the island and water. There will also be 250 luxury residences in the resort.
ICD an investment arm of the Dubai government acquired a significant stake in Kerzner earlier this year with some state media reporting its share is 46 percent. Another state-owned Dubai firm Istithmar World bought out Kerzner's stake in the Atlantis Palm in Dubai in 2012.
Executive Director and CEO of ICD Mohammed Ibrahim Al-Shaibani said the new resort is an investment in the future of Dubai.
"This investment reaffirms ICD's commitment to support the long-term growth of our domestic hospitality market a key pillar and growth sector for the Dubai economy" he said in a statement.
ICD's holdings include the Middle East's biggest airline Emirates and a stake in Emaar Properties the builder of the world's tallest tower the Burj Khalifa.
Dubai part of the United Arab Emirates has positioned itself as a destination for over-the-top luxury and opulence. Tourism is a major source of revenue for the emirate which is preparing to host the World Expo in 2020.
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