Local developer Nakheel has announced a partnership with Thailand’s Centara Hotels and Resorts to develop a 550-key resort in Dubai.

The resort, which will be built at Deira Islands, will be Nakheel’s third joint venture for hotels in the area announced this year.

Nakheel is currently working on a 750-key resort with Spain’s RIU Hotels & Resorts and a 500-key AVANI resort with Thailand’s Minor Hotel Group.

On 22 October Nakheel announced that it has made a net profit of AED3.61bn ($984m) for the first nine months of 2015.

The figure is an increase of AED1bn, or 39 per cent, on the AED2.6bn profit made during the same period last year. It is also almost equal to Nakheel’s AED3.68bn of profit for all of 2014.