UAE-based developer Bin Otaiba Investment Group has unveiled plans to develop a new five-star resort on tourism hotspot Saadiyat Island, just off the coast of Abu Dhabi.

Tourism Development & Investment Company (TDIC), announced the sale of a 980,000sq ft (91,000 sq m )land plot on Saadiyat island to the Bin Otaiba Group.

The new hotel is scheduled to open on the Saadiyat Beach District in 2015. It will feature 366 rooms and beach villas, restaurants, a spa centre and fitness centre, sand-bottom swimming pool, gardens and water features.

Saadiyat Island has become an attractive destination for hospitality investments with new hotel and spa projects from hotel groups such as Shangri-La and Rotana in the pipeline.

Last year the destination seen the opening of St Regis Saadiyat, Island Resort, Park Hyatt Abu Dhabi Hotel and Villas and Monte-Carlo Beach Club.

Saadiyat Island is also set to become an arts hub with the opening of the Saadiyat Cultural District, an internationally museums designed by Pritzker Prize-winning architects. The cultural district will open on the island starting with the Louvre Abu Dhabi in 2015, and followed by Zayed National Museum in 2016 and Guggenheim Abu Dhabi in 2017.

The Louvre Abu Dhabi, designed by French architect Jean Nouvel, will display art, manuscripts and objects of historical, cultural and sociological significance.

The Zayed National Museum will form the centrepiece of the island. It will be elevated above the rest of the district at its highest point, and will tell the story of the region’s history.

Meanwhile, the Guggenheim is being conceived as an institution to promote the understanding and appreciation of art.