New Palm resort planned

03 October 2003
Dubai-based property developer Nakheel took the opportunity of the IMF/World Bank meetings in the emirate to announce another major real estate project. Nakheel is to form a joint venture with the US' Kerzner International to develop the $650 million Atlantis resort on the Palm Jumeirah island.

Architectural and conceptual planning have started on the resort. Construction is scheduled to begin by the end of 2004 and completion is due in early 2007. Atlantis will comprise a 1,000-room hotel and the Gulf's largest water park. A further 25 acres of land will be reserved for future expansion to accommodate up to 2,000 people.

Kerzner and Nakheel will each provide $120 million of equity financing for the development, with the remainder to be raised at the project level. Kerzner has entered an agreement to manage the venture on a long-term basis.

Nakheel is the developer for the entire Palm Jumeirah project, which entails the construction of some 2,000 villas as well as luxury hotels and leisure facilities on a man-made island built in the shape of a palm tree. Kerzner already has a presence in Dubai through its operation of the Royal Mirage hotel at Jumeirah beach.

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