To be called World Island Resort, the 105,000-square-metre site will have 53 villas and a hotel with spa, conference facilities and library.
Construction is expected to start by the end of 2008 and will take two years to complete.
It is the tenth project launched by Limitless, the international development arm of Dubai World.
Other projects include Downtown Jebel Ali and the $11bn Arabian Canal, both in the UAE, the $300m Sanaya Amman towers project in Jordan and the $12bn Al-Wasl residential project in Riyadh, Saudi Arabia.
The World project is being developed by the local Nakheel.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.