Dubais Nakheel has formed a joint venture with Thailands Minor Hotel Group to develop the Avani resort.
The 500-room beachfront resort will form part of Nakheels $12.5bn Deira Islands development.
Nakheel is negotiating other joint venture deals for the Deira Islands development.
It signed an agreement with Spains Riu Hotels & Resorts to operate a 750-room hotel earlier in 2015.
Nakheels flagship project is the $21bn Palm Jumeirah. It recently received bids for the contract to build the AED3bn ($817m) Gateway towers project at the base of the Palm.