Nakheel to build luxury resort on The World

12th Jun 2006

Real estate developer Nakheel will build a luxury resort on one of the islands of The World project in Dubai, the company’s chairman Sultan Ahmad Bin Sulayem said. Nakheel, The World’s developer, is keeping details of the plan under wraps while it works on a “unique brand” for the resort. Bin Sulayem insisted it would not be an ordinary luxury project.

The World is a cluster of 303 man-made islands that are being sold to developers and investors to build tourist facilities and private estates. “We are developing many projects within The World and among them is a resort. There are negotiations to make a brand that will be promoted in the world,” he said. “We are planning something unique. It will be a completely new brand unrelated to the existing hospitality brands,” he told ‘Gulf News’ in the Maldivian capital during a short visit while returning from Vietnam, where DP World has just launched a $250-million container terminal project.

Bin Sulayem is chairman of holding company Dubai World that oversees activities of DP World, Nakheel and investment firm Istithmar. Both Nakheel and Istithmar have hotel divisions and have invested in properties outside Dubai. Bin Sulayem said Nakheel’s core business is real estate and it will continue to be a property developer.


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