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), official news agency WAM reported on Monday.
Consisting of 800 rooms, suites and 250 luxury hotel apartments, the Royal Atlantis Resort and Residences will cost approximately $1.5 billion, the report said.
Located on the crescent of The Palm and next to the Atlantis resort, the resort will stand 46 storeys tall and feature private gardens and infinity pools.
To be developed in association with Kerzner International, the project will also house recreational, entertainment and services facilities, according to ICD CEO Mohammed Ibrahim Al Shaibani.
Sheikh Mohammed, who was briefed on the design concepts and architectural masterplan of the project on Sunday, said that it should be fully implemented by 2018.
After completion, all of ICD’s projects together are expected to contribute 10 per cent to the national economy, the WAM report added.
By Aarti Nagraj