Kerzner International Limited (NYSE:KZL) announced today that it has agreed to form a joint venture with Nakheel LLC, an entity owned by the Government of Dubai, to develop Atlantis, The Palm, the first phase of which is expected to be an approximately $650 million development to include a 1,000-room resort and an extensive water theme park situated on 1.5 miles of beachfront. Atlantis, The Palm will be located at the center of The Palm, Jumeirah, a $1.5 billion land reclamation project in Dubai, United Arab Emirates. The agreement provides for additional land available for future development and that would ultimately enable Atlantis, The Palm to grow its room capacity to at least 2,000 rooms.