Dubai's Atlantis resort to get $1.4B expansion
DUBAI, United Arab Emirates (AP) — Developers said Monday they will build a $1.4 billion expanse of lavish suites and residences next to the famed Atlantis resort on Dubai's man-made palm-shaped island as part of the emirate's drive to build up tourism revenue.
Investment Corporation of Dubai and Kerzner International Holdings, which will manage the 800-room hotel, said The Royal Atlantis Resort and Residences will feature modern architecture that allows for sky-high gardens and private infinity pools overlooking the island and water. There will also be 250 luxury residences in the resort.
ICD — an investment arm of the Dubai government — acquired a significant stake in Kerzner earlier this year, with some state media reporting its share is 46 percent. Another state-owned Dubai firm, Istithmar World, bought out Kerzner's stake in the Atlantis Palm in Dubai in 2012.
Executive Director and CEO of ICD, Mohammed Ibrahim Al Shaibani, said the new resort is an investment in the future of Dubai.
"This investment reaffirms ICD's commitment to support the long-term growth of our domestic hospitality market, a key pillar and growth sector for the Dubai economy," he said in a statement.
ICD's holdings include the Middle East's biggest airline Emirates and a stake in Emaar Properties, the builder of the world's tallest tower, the Burj Khalifa.
Dubai, part of the United Arab Emirates, has positioned itself as a destination for over-the-top luxury and opulence. Tourism is a major source of revenue for the emirate, which is preparing to host the World Expo in 2020.