Nakheel, RIU sign JV for new Dubai hotel

WCN Editorial Team 16 Feb 2016 ASIA, MIDDLE EAST BUILDINGS

Dubai developer Nakheel has signed a joint venture agreement with RIU Hotels & Resorts to develop a $170m hotel at Nakheel's Deira Islands master development.

The collaboration, which is a first between an international hotel chain and Nakheel, will enable the launch of the chain’s first hotel in Dubai in 2019.

The new hotel will comprise 750 rooms. In addition to hotels, Deira Islands will also accommodate the Deira Mall retail and entertainment complex, the Deira Islands Night Market featuring 5,300 shops, a marina as well as an amphitheatre with a seat capacity of 30,000.

RIU Hotels & Resorts CEO Luis Riu said: “We're proud to have a partner with the experience and prestige of Nakheel for undertaking this ambitious project. Dubai is one of the great new centres of international tourism as it represents a strategic enclave on the route between Europe and Asia.”

Nakheel chairman Ali Rashid Lootah added: “This is a major milestone for our growing hospitality business and a significant step towards creating a new range of affordable, family resort-style hotel accommodation in the Emirate, in line with the government of Dubai’s tourism vision for 2021.”

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