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Jan. 03--DUBAI -- Master developer Nakheel and Spain's RIU Hotels & Resorts have signed a contract worth Dh385 million for the construction of their 800-room, joint venture beachfront resort and water park at Deira Islands in Dubai.

Set for delivery in 2019, the resort, which has a total investment value of Dh670 million, will be built by Bin Ladin Contracting Group Dubai, who was chosen from a shortlist of 10 contractors who bid for the project. Construction will be completed in two years.

Nakheel has now awarded almost Dh8 billion worth of infrastructure and construction contracts at Deira Islands, with more on the way.

The resort will be RIU's first in the Middle East. RIU is one of the most popular hotel chains in the Caribbean and the second largest in Spain in terms of revenue.

Nakheel chairman Ali Rashid Lootah said: "Today marks a key milestone for Nakheel Hospitality, Deira Islands and Dubai. Our first international joint venture will bring a new dimension to Dubai's hospitality offering by providing a new concept in accommodation and attracting a new market segment to the emirate."

- business@khaleejtimes.com

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