Al Osaimi kicks off hotel plan on Palm

Kuwait-based developer, Al Osaimi Group, is investing US $272 million (AED1 billion) in two hotels and a residential complex on the crescent of the Palm Jumeirah.

Spanning 9.3 million m2, the Dusit International-run hotels are due to be completed in 2010.
Spanning 9.3 million m2, the Dusit International-run hotels are due to be completed in 2010.

Kuwait-based developer, Al Osaimi Group, is investing US $272 million (AED1 billion) in two hotels and a residential complex on the crescent of the Palm Jumeirah.

The company has appointed Thailand's Dusit International for the management of its first venture in the UAE, which is targeted for completion in 2010.

Spanning around 9.3 million m2, the project is made up of a seven-star hotel, a five-star family resort and a residential complex with a combined total of 180 freehold townhouses and penthouses.

"Dubai is a booming real estate and investment market that has witnessed unprecedented growth over the years," said Abdul Rahman Al Osaimi, chairman, Al Osaimi Group.

"The industry has sustained growth and defied downtrends, which reflects its strength and Dubai's economy in general.

"Our foray into Dubai is a strategic move to boost our presence in the GCC, and this project sets the level of the upcoming major investments we are set to undertake in this part of the world," he added.

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