Nakheel & RIU ink JV for Deira Island hotel
Nakheel's joint venture with RIU Hotels & Resorts will see the opening of a 750-hotel which will be located at Deira Islands
Dubai master developer Nakheel has signed a business partnership agreement with RIU Hotels & Resorts in a bid to further expand into the hospitality sector.
The partnership between the two entities will see RUI's first hotel open in Dubai in 2019.
Nakheel chairman, Ali Rashid Lootah, travelled to Mallorca to sign the joint venture agreement with Luis Riu, CEO of RIU hotels.
The planned $170m RIU hotel, which will feature 750 rooms, will be located at Nakheel's Deira Islands master development.
Deira Islands is one of Nakheel's large-scale coastal projects in Dubai, featuring - in additions to hotels - the Deira Mall retail and entertainment complex, the Deira Islands Night Market with 5,300 shops, a marina and an amphitheatre which can accommodate 30,000 people.
Luis Riu, CEO of RIU Hotels & Resorts, said: "The formal signing of this partnership represents another step towards making the first RIU project in the Middle East a reality.
"We're proud to have a partner with the experience and prestige of Nakheel for undertaking this ambitious project.
"Dubai is on eof the great new centres of international tourism as it represents a strategic enclave on the route between Europe and Asia."
In a bid to expand into the hospitality business, Nakheel is planning 10 hotels across Dubai - with the first opening earlier this month and six more being announced or signed.