A multi-billion dirham program is close to being signed by representatives of the Istithmar Leisure, and property developers to develop worldclass leisure assets including golf courses, marinas and beach clubs in Croatia and Cyprus.
Istithmar Leisure, the newly formed subsidiary of Istithmar --Dubai World's investment company, is hoping to expand its portfolio to other regions outside of the UAE with the new deal, according to Khaleej Times. Currently, the firm has plans to develop some 40,000 marina berths, four golf courses and 20 beach clubs in Dubai.
It will also be seeking joint venture investment opportunities in global and regional leisure assets.
We will also be exploring opportunities in Jordan, Al Ain, Southern Europe and the Subcontinent," said David Spencer, Chief Executive Officer of the company.
"Our focus is on the development of Istithmar's current leisure assets inside Dubai and internationally, as well as identifying new high-yielding investment options," he added.
