Kuwaiti developers invest $163 million in the Palm Jumeirah
The Kuwait Commercial Real Estate Center has finalized a deal with the Dubai Palm Developers to secure two hotel plots on The Palm, Jumeirah – the Emirate’s leisure, residential and tourist development.
The deal involves the acquisition of the land and eventual development of two separate luxury hotel properties with a total estimated investment value approaching 600 million dirhams ($163 million).
The Kuwait Commercial Real Estate Center was established 40 years ago. Its two main business focuses are trading and investing in land and real estate and hotel management. It currently owns and operates the five-star Radisson hotels in Riyadh, Jeddah and Sharjah and the 4-star Radisson hotels in Beirut and Yanbu. Its head office is based in Kuwait with subsidiary offices in Sharjah, Damman, Riyadh, Jeddah, Bahrain, Beirut and London.
The Palm involves the creation of the world's largest two man-made islands known as The Palm, Jumeirah and The Palm, Jebel Ali. Located just off the coast of the city of Dubai in the United Arab Emirates (UAE), the two palm tree shaped islands are expected to contribute to the city's position as a global tourist destination. The project will increase Dubai's shoreline by a total of 120 kilometers and create a large number of residential, leisure and entertainment opportunities. — (menareport.com)
© 2003 Mena Report (www.menareport.com)