Nakheel and Spain’s RIU Hotels and Resorts are planning a 750-room, four-star beachfront resort on the Deira Islands development.
Deira Islands is the latest man-made coastal project from the Dubai developer Nakheel. The project will add 40 kilometres, including 21km of beachfront, to the city’s coastline. The attractions on the island will include a souq and mall.
"Under this new partnership, Nakheel will introduce one of the world's biggest, most respected names in hospitality and an entirely new concept in hotel accommodation to Dubai," said Ali Rashid Lootah, the chairman of Nakheel.
RIU Hotels operates 100 hotels in 19 countries.
This follows an announcement that high-value land on the Palm Jumeirah is set to be developed by Dubai-based Palma Real Estate Developments.
The project will cost $408 million, house 250 hotel rooms and use a quarter of the land allocated to two hotels at the tip of the Palm, according to Bloomberg.
The real estate consultancy JLL expects that rents in Dubai will fall by up to 10 per cent by the end of the year.
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