Dubai: Najibi launches $297m project in Australia
Further details on the development will be released later this year, and construction is set to begin in 2017
Dubai-based business conglomerate Najibi Group announced its very first venture – a $297m lifestyle destination project, located on Australia's Sunshine Coast.
Talal Y. Najibi, executive chairman of Najibi, said: “This project marks a major milestone in Najibi’s strategy to diversify its interests and investments. We feel this is the right time to invest in Australia. The Sunshine Coast, Queensland is rife with opportunities, and we are confident that this project will be extremely successful.”
The group recently opened the doors to its new investment and development company Sanad Capital Pty Ltd in Australia. As per economic benefits and analysis report produced by Sanad Capital, the new venture will generate 2,000 direct and indirect jobs during its construction phase, and will generate a further $21m annually in salaries and wages post completion.
“Influenced by major action sports projects, water parks and entertainment hubs in Dubai, it will serve up a memorable, family-friendly experience to both locals as well as tourists,” notes Sanad Capital’s chief executive Bradley P Sutherland.
The report further notes that the project will inject $44m into the region’s economy for each year of construction – totaling $193m during construction – and upon completion it will add $22m per annum thereafter.
The Sunshine Coast project will comprise a world’s first ‘Wave Reservoir’, a waterpark and extreme water sports facilities, a Olympic standard training centre, a four-star hotel, a conference and exhibition centre, restaurants and retail outlets.
Further details on the development will be released later this year, and construction is set to begin in 2017.