Aug. 01–Centara Hotels & Resorts, a Thai hotel group, and Nakheel, a UAE-based master developer, have cemented their 500 million dirham ($136 million) joint venture with a construction contract worth 290.5 million dirham to build a 601-room beachfront resort at Dubai's Deira Islands. The new property, Centara Deira Islands Beach Resort Dubai, is the company's first in the UAE and will open in 2020.
The resort is expected to significantly boost the emirate's four-star accommodations — the fastest-growing hotel segment in 2017 with a 10 percent growth rate — in line with the increase in popularity of Dubai as a tourism hotspot.
Thirayuth Chirathivat, Centara's CEO, said: "This is Centara's first hotel in Dubai, and the UAE, and signifies our presence in a major gateway city in the Middle East. This signing ceremony marks a profound milestone of expansion for Centara as we continue to extend our upscale resort portfolio internationally. We are very pleased to have reached this new milestone in our joint venture with Nakheel. With the expertise from a regional leader in development like Nakheel and Centara's record of delivering and inspiring extraordinary guest experiences, Centara Deira Islands Beach Resort Dubai will represent a one-of-a-kind resort that gives our guests fond moments for years to come. We look forward to opening Centara Deira Islands Beach Resort Dubai in 2020."
The contract was signed in Dubai during a ceremony led by Nakheel Chairman Ali Rashid Lootah.
Lootah said: "Nakheel continues to play a pivotal role in shaping and diversifying Dubai's tourism offering with a 27 billion dirham hospitality and retail expansion that supports our government's vision. The joint venture with Centara underlines our commitment to working with trusted international brands to bring new hospitality concepts to Dubai, and today's crucial milestone brings this exciting new resort ever closer. I look forward to delivering one of Dubai's most sought-after destinations for travelers from all over the world."
Centara entered the Middle East market with the opening of Centara Muscat Hotel last year, and has additional imminent openings in other Gulf states.
