How can a hotel possibly cost this much? UAE to direct sovereign wealth towards $1.5 billion hotel on Palm Jumeirah

Published September 16th, 2014 - 02:31 GMT
ICD is also developing the new Atlantic Hotel and Resort in Sanya city in Hainan Province, China, in cooperation with Kerzner.
ICD is also developing the new Atlantic Hotel and Resort in Sanya city in Hainan Province, China, in cooperation with Kerzner.

Investment Corp of Dubai (ICD), the UAE emirate's sovereign wealth fund, will be developing a 800-room luxury hotel on Palm Jumeirah at a cost of $1.5 billion in partnership with Kerzner International Holdings. The 46-storeyed Royal Atlantis Resort will boast 250 luxurious hotel apartments with excellent recreational, entertainment and services facilities. The rooms will offer guests spectacular views of the ocean and the island of Palm. UAE Vice President and Prime Minister and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum inspected the design of the project and ordered its completion by 2018, said a WAM report. Mohammed Ibrahim Al Shaibani, the director-general of the Dubai Ruler's Court and the chief executive of ICD, briefed Sheikh Mohammed on the upcoming projects of ICD. Al Shaibani said the new Royal Atlantis project will contribute to strengthening the leadership of Dubai in the tourism and hospitality sector. "This investment is the commitment of the Dubai government investment support long-term growth of the local hospitality market, which is one of the pillars of Dubai's economy," he added. Kerzner said 800 luxury rooms and suites will be built under the supervision of Kohn Pedersen Fox Associates, while the interiors will be taken care of by MGA Design. The 250 apartments, to be designed by Sybille de Margerie, will re-define luxury residential entertainment experience in Dubai, said the top hotel developer in a statement. Sheikh Mohammed also reviewed the Dh8 billion ($2.1 billion) Deira Waterfront project, which includes commercial and residential buildings. The project is due for completion by 2016. He also inspected the Warsan project which will come up on a 1 million-sq-m area at Al Aweer road. It will include residential buildings and model boarding school. The first phase of the project will be completed in three years at an estimated cost of Dh2.5 billion ($680 million). ICD is also developing the new Atlantic Hotel and Resort in Sanya city in Hainan Province, China, in cooperation with Kerzner. The hotel, which will be constructed on over 60 hectares of land, will be the first luxurious resort of this size in China.


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