Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum has approved the
construction of a new Resort on the Palm Jumeirah Island by the Investment
Corporation of Dubai (ICD).
ICD unveiled a plan
for a US $1.4 billion Royal Atlantis Resort and Residences with a design that
is set to dominate the Palm skyline.
Located on the crescent of the Palm Jumeirah and next to
Atlantis Resort, the Royal Atlantis Resort will stand 46 stories tall, consisting
of 800 rooms, suites, 250 luxury hotel apartments, retail area, infinity pool
and private gardens. The hotel which is scheduled to open by 2018 will be developed
in association with Kerzner International and will also house recreational and
entertainment facilities.
Sheikh Mohammed said that the resort will develop and
diversify UAE’s economy.
The announcement of the second Atlantis Hotel comes after US
Hotel Operator Marriott announces that it will take over the management of the
Atlantis hotel in Bahamas from the end of 2014.
ICD bought a 46% stake in Kerzner International in April
this year, while Istithmar World, a subsidiary of DP World owns another 25%
stake. ICD is also developing another Atlantis hotel in Sanya, China, that will
be the third largest resort in the World on 60 hectares.
Dubai’s largest Atlantis resort had the highest inventory of
1569 rooms when it opened in 2008 but it was replaced by JW Marriott Marquis
this year with a room count of 1608.
