Property development company Nakheel and Kerzner International have formed a joint venture to develop Atlantis on the Palm, Dubai, which will include a 2,000-room resort and water theme park. Construction is expected to commence before the end of 2004 and it is anticipated that the project will be completed by 2007.
Atlantis will be located at the center of the Palm Jumeirah, a $1.5 billion land reclamation project. The first phase of Atlantis is an estimated $650 million development project that is expected to include a 1,000-room hotel and water theme park situated on 1.5 miles of beachfront.
This announcement is part of the Emirate’s plan to diversify the United Arab Emirates (UAE)’s economic base and substantially grow Dubai's tourism. This was the result Kerzner achieved in the Bahamas with the opening of Atlantis, Paradise Island in 1994. Bahamas total visitor arrivals jumped by 30 percent. Paradise Island's brand awareness ranks second only to Disney in warm weather resort brands in the United States.
“We have operated the One&Only Royal Mirage hotel in Dubai since 1999 and recently expanded this resort,” said President of Kerzner, Butch Kerzner. This Dubai transaction is subject to closing conditions, including the execution of funding for the project. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
