UAE master developer Nakheel and leading Thai hotel group Centara Hotels & Resorts have signed a joined venture agreement to create a 550-room million beachfront resort with waterpark at Deira Islands in Dubai. Under the agreement, cemented in Bangkok by Nakheel chairman Ali Rashid Lootah and Centara chairman Suthikiati Chirathivat, the two companies will deliver an upscale resort on a prime stretch of beach on Deira Islands.
Shangri-La Hotels and Resorts and Dubai-based real estate developer Nakheel have signed a letter of intent for Shangri-La to manage a 290-room hotel in The Palm Tower on Palm Jumeirah. The parties expect to sign a comprehensive hotel management agreement for the property in the coming weeks.
Dubai-based master developer Nakheel today signed a management agreement with Accor for its 250-room hotel at Dragon Mart. The hotel, one of nine planned by Nakheel over the next five years - will be managed by Accor under the ibis Styles brand. Construction is now substantially complete.
The Government of Dubai has said it will not bail-out its subsidiary Dubai World, sparking fears that creditors to the hugely-indebted conglomerate could lose billions.
Global stock markets have breathed a sigh of relief after Abu Dhabi stepped in to prevent the financial collapse of its neighbour Dubai. The Central Bank of United Arab Emirates, based in Abu Dhabi, said it will support banks in the region to prevent a Lehman Brothers-style meltdown.
The Middle East is well placed to bounce back from the current economic crisis, according to research from global travel management company HRG. HRG believes that the region’s large number of international flight connections and investments in both infrastructure and hotels means the market is in a good position to bounce back from the downturn.
Nakheel, the owner of the QE2, has confirmed the cruise liner will be moved to Cape Town in South Africa to become a hotel in time for the Fifa 2010 World Cup.
Nakheel has opened the Palm Monorail in Dubai. The monorail, which is now running four trains between the Gateway Towers and Atlantis stations, has a capacity of 2,400 passengers per hour per day.
Fontainebleau Resorts has announced that Nakheel Hotels has invested $375 million in exchange for a 50% interest in the Company’s iconic Fontainebleau Miami Beach resort.
Nakheel has released a unique set of images showing the remarkable transformation of Dubai’s landscape and coastline.
Dubai Waterfront - the world’s largest waterfront development - has begun the handover of its first phase of development to investors.
Nakheel has sold the island of Ireland in its iconic “The World” project to an Irish business consortium.