Published on : Monday, September 15, 2014
UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has given the go-ahead for the construction of the new Royal Atlantis Resort on Palm Jumeirah, as well as a number of other major projects.
The projects are being developed by the Investment Corporation of Dubai (ICD) over the coming three years, and HH Sheikh Mohammed yesterday inspected their plans during a special demonstration at the Atlantis – Palm Dubai Hotel and Resort.
Among them is the Royal Atlantis Resort, which will consist of 800 rooms, suites and 250 luxurious hotel apartments, as well as recreational, entertainment and services facilities. It will cost approximately $1.5 billion to develop and will be operated by Kerzner International Resorts.
Accompanied by Dubai Deputy Ruler Sheikh Maktoum, Sheikh Mohammed was also briefed on the One Za’abeel project, which will be located between the Dubai World Trade Centre and Za’abeel Park.
Consisting of two towers – residential and commercial – linked by a suspended bridge, One Za’abeel will cost approximately AED2.5 billion ($680m) to develop and will include 550 residential units, two hotels and 130 hotel apartments.
During the briefings, director of Dubai Ruler’s Court and ICD CEO Mohammed Ibrahim Al Shaibani also said the first phase of the AED8 billion ($2.1bn) Dubai Waterfront mixed-use project is expected to be completed by the end of 2016.
The first three phases of the project will cover approximately 820,000 square metres and will include parking lots for 6,000 vehicles.
Other attendees at the presentation included Dubai director of protocol and hospitality Khalifa Saeed Suleiman and Meraas Holding chairman Abdullah Al Habbai, as well as a number of engineers.
Investment Corporation of Dubai is also currently working with Kerzner International Holdings to construct Atlantis resort in China. The ultra-luxurious resort will span across an area of 60 hectares and is expected to be completed in 2016.
ICD purchased a significant stake – believed to be 46% – in Kerzner International earlier this year. It also owns Atlantis The Palm, Dubai hotel and resort.