Dubai property developer Nakheel LLC and international operator Kerzner International Ltd have announced a joint $650m venture to develop a 2,000-room resort and theme park site on a man-made island off the Jumeirah coast, entitled Atlantis, The Palm.
Atlantis will be situated at the centre of Jumeirah’s ‘The Palm’ and is part of Dubai’s ongoing $1.5bn land reclamation project, aimed at diversifying the United Arab Emirates’ economic base and encouraging growth within Dubai’s tourist trade.
The first phase of the development project will include the construction of a 1,000-room hotel and water theme park, situated on 1.5miles of beachfront.
Sultan Ahmed Bin Sulayem, chairman of Nakheel, said: “By expanding our relationship with Kerzner to develop Atlantis, The Palm, we continue our efforts to contribute to the growth and development of Dubai.”
Architectural and conceptual planning is underway for Atlantis, The Palm while construction is expected to begin before the end of 2004, with a 2007 completion date. This will be subject to closing conditions, including the execution of funding for the project.
