Dubai’s Palm Developers have signed an agreement with the United Arab Emirates (UAE)-based company, the Al-Fardan Group. The agreement relates to Al-Fardan's investment in a hotel resort on The Crescent on The Palm Jumeirah.
“This is our most significant investment in a hotel resort,” said Fardan Bin Ali Al-Fardan, chairman and CEO of Al-Fardan, “We are currently discussing a variety of options for this development with the team at The Palm and expect to make a further announcement on our plans in the near future.”
The Palm, Jumeirah will host approximately 50 hotels in total, with 40 of these being based on The Crescent, an island surrounding The Palm, the back of which forms a protective breakwater for the development. Hotels on The Crescent will have a maximum of 200 rooms and be a maximum of three stories high—ground plus two levels.
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 UAE, the two palm-tree shaped islands are expected to contribute to the city's position as a premier global tourist destination.
The project will increase Dubai's shoreline by a total of 120 kilometer and create a large number of residential, leisure and entertainment opportunities. Comprised of approximately 100 million cubic meters of rock and sand, each island will eventually support 50 luxury hotels, 2,500 exclusive residential beachside villas, 2,400 shoreline apartments, two marinas, water theme parks, restaurants, shopping malls, sports facilities, health spas and cinemas.
Construction commenced in June 2001 after many years of research and planning. Both islands will take approximately two years to be completely raised from the sea. A further two to three years will be required to complete the infrastructure and the buildings. The end-result will be the creation of two virtually self-contained communities within the islands. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
