Plans for the development of the first five-star hotel as well as an island resort in the East African country of Djibouti were recently revealed by the UAE-based firm, Nakheel.
The hotel, which is to consist of a 400-room waterfront property, according to Gulf News, is scheduled to open its doors to visitors in November. The project's cost is set at some $150 million.
"The tourism industry is bound to grow in Djibouti as it has magnificent attractions like diving spots and coastal areas. We are focused on taking advantage of this sector…Djibouti is becoming what Dubai used to be in the old days. Private investors look at it as a gateway to East Africa," said another industry expert.
Also in the works for cooperation between the two countries are plans for a new island resort in Djibouti, to be developed by Al Fajer Properties of Dubai.
"We have decided to invest $100 million in this tourism, leisure and entertainment project. We have presented a plan to the government. Now we are in the final stage of negotiations," said chief executive officer of Al Fajer Properties, Shahram Abdullah Zadeh. The island project, which will be located close to Djibouti's coast, will consist of a luxury resort as well as residential units.
A free trade zone is also reportedly being developed in Djibouti that will fall under the management of the Jebel Ali Free Zone Authority, while Dubai Customs International will manage Djibouti's customs administration.
