Local developer Nakheel and Thai hotel group Centara Hotels & Resorts has signed a joined venture agreement to build a AED500m ($136m) hotel in Dubai.
The two companies will develop the 550-room resort beachfront resort at Nakheels Deira Islands development.
The resort will cover an area of 27,490 square metres and includes a waterpark, dining facilities, business centre, kids club, spa and fitness centre. The resort scheduled to have soft opening in 2019 and grand opening in 2020.
The joint venture with Centara is its second international joint venture for Deira Islands. The first, an 800-room, AED900m all-inclusive resort and waterpark with Spains RIU Hotels & Resorts, was confirmed in February last year.
Nakheel is also building hotels as a traditional developer and hiring operators as part of its strategy to increase its recurring revenues. Altogether it has over 5,300 rooms across 16 hotels, resorts and serviced apartments in operation or under development. Its first two hotels at Dragon Mart and Ibn Battuta Mall were delivered in 2016.
For Deira Islands, Nakheel says it has already invested more than AED3 billion in infrastructure work, coastal works and design services for the project. Once complete, the development will add 40 kilometres, including 21 kilometres of beach, to Dubais coastline.
Nakheel plans to award more than $2.5bn of construction contracts in 2017
Ali Rashid Lootah, Nakheel
Dubai developer Nakheel expects to award more than AED10bn ($2.72bn) of construction contracts in 2017 as it moves forward with a series of major building projects.
For sure 2017 will be much more. It will probably be the biggest, says Ali Rashid Lootah, chairman, Nakheel. In numbers we will award not less than AED10bn if consider all the projects.
The expected total for 2017 is a significant increase on the value of awards made in 2016. Nakheel says that it awarded about AED6bn of contract awards this year. Read more