Nakheel JV awards AED385 million Dubai beachfront construction contract

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Nakheel JV awards AED385 million Dubai beachfront construction contract

Master developer Nakheel and Spain’s RIU Hotels & Resorts have signed a contract worth AED385 million for the construction of their 800-room, joint venture beachfront resort and water park at Deira Islands in Dubai.

Set for delivery in 2019, the resort, which has a total investment value of AED670 million, will be built by Bin Ladin Contracting Group LLC Dubai, who was chosen from a shortlist of 10 contractors who bid for the project. Construction will be completed in two years.

Nakheel has now awarded almost AED8 billion worth of infrastructure and construction contracts at Deira Islands, with more on the way.

Under the joint venture, Nakheel and RIU Hotels & Resorts will deliver a new hospitality concept for Dubai, offering mid-scale, family-orientated, all-inclusive beachfront accommodation. The resort, RIU’s first in the Middle East, will be one of Dubai’s biggest in terms of hotel rooms.

RIU Hotels & Resorts has almost 100 hotels, with around 45,000 rooms between them, in 19 countries. Together, these welcome over four million guests a year and provide jobs for nearly 27,000 people. RIU is one of the most popular hotel chains in the Caribbean and the second largest in Spain in terms of revenue.

Nakheel Chairman, Ali Rashid Lootah, said: “Today marks a key milestone for the Nakheel Hospitality, Deira Islands and Dubai. Our first international joint venture will bring a new dimension to Dubai’s hospitality offering by providing a new concept in accommodation and attracting a new market segment to the emirate. The RIU resort at Deira Islands is a shining example of our commitment to delivering a diverse range of tourism-related projects that will help the government achieve its 2020 tourism targets, and I look forward to seeing this exciting resort come to fruition.”

Joan Trian, RIU’s Financial Director, said: “Today we are a step closer to the opening of our first hotel in Dubai. We are sure that our loyal clients will want to explore the new offerings of the city with us, and we look forward to attracting new customers to our joint venture hotel, too. Nakheel has proven to be the best partner for our entry in to the Middle East market, and we hope it is the first of other projects to come. In fact, this is a great step forward in our long-term expansion strategy in the Middle East and South East Asia”.

Located on a prime beachfront plot at Nakheel’s new, 15.3 sq km Deira Islands coastal city, the resort features seven food and beverage outlets, three swimming pools, a fitness complex, children’s club and water park. Nearby is Deira Central, Nakheel’s sprawling mixed-use community with the upcoming Deira Mall as its centrepiece. Deira Islands Night Souk is also within easy reach.

The joint venture is one of 16 projects in Nakheel’s AED5 billion hospitality expansion programme, under which some 6,000 new rooms and hotel apartments will be delivered across Dubai in line with the Government of Dubai’s tourism vision.

Deira Islands, which is expected to have a population of 250,000 and to create 80,000 jobs, will add 40km of coastline to Dubai.

Source: www.nakheel.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.