Dubai’s Atlantis resort to get $1.4 billion expansion
Developers say they will build a $1.4 billion expanse of lavish suites and residences next to the famed Atlantis resort on Dubai’s man-made palm-shaped island
Developers say they will build a $1.4 billion expanse of lavish suites and residences next to the famed Atlantis resort on Dubai’s man-made palm-shaped island.
Investment Corporation of Dubai and Kerzner International Holdings, which will manage the 800-room hotel, announced the plans for The Royal Atlantis Resort and Residences on Monday.
The Investment Corporation of Dubai is an investment arm of the Dubai government and has a 46 percent stake in Kerzner. Another state-owned Dubai firm, Istithmar World, owns an additional 25 percent in Kerzner.
Kerzner says the resort will also include 250 luxury residences. The architecture will be modern and feature sky-high gardens and private infinity pools overlooking the island.
Tourism is a major source for revenue for Dubai, which is preparing to host the World Expo in 2020.
- Dubai’s Emaar seeks $1.58bn in malls IPO
- Rise of Dubai property market slowing
- Moment of truth as Dubai property bubble looms
- Dubai’s Emaar Properties says malls unit raises $1.5bn Islamic loan
- Emaar Properties to sell 25% of malls business on Dubai bourse
- Dubai property developer Emaar reports drop in villa sales