Kerzner and Nakheel join for $650 million venture

23 September 2003
US-based Kerzner Internationaland Dubai-based Nakheelhave established a joint venture to develop a $650 million, 2,000-room resort and water theme park on the Palm Jumeirah. Construction on the project - named Atlantis - will start late in 2003 and it is expected to be completed by 2007. The Palm Jumeirah project is due for completion by early 2006.

The first phase of the Atlantis project will compromise a 1,000-room hotel and a water park on 1.5 miles of beachfront. It will be developed over 75 acres of the crescent on the Palm Jumeirah(MEED 29:9:03).

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