VC Bank to develop $408m resort on The World
Dubai, May 20, 2008
Venture Capital Bank (VC Bank), a Bahrain-based Islamic investment bank, will develop a Dh1.5 billion ($408 million) luxury resort on Nakheel’s exclusive project in Dubai, The World.
VC Bank will invest in and develop the island located in the “northern Asia” area of the archipelago of 300 islands after being selected as one of the exclusive group of investors invited to invest in The World.
The bank has incorporated a new venture, World Development Company Limited, for the purpose.
AbdulLatif Al Janahi, board member and CEO of VC Bank, said: “It is an honour to be amongst the elite investors chosen to invest in Nakheel's one of a kind project. We are pleased to be one of a select few financials institutions to invest in The World project. This will be a remarkable step for us.”
Hamza Mustafa, director of The World, said: “We are proud to have VC Bank invest in The World. We invite only the very best investors, like VC Bank, to develop the islands within our project to ensure that The World will be the ultimate luxury tourism destination when complete. This marks another successful investment in our project.”
VC Bank is the first Islamic investment bank in the GCC and Mena region to specialise in venture capital investment opportunities. Real estate investment is one of four areas of unique investment opportunities across a number of promising asset classes designed to drive business growth in portfolio investment, and provide risk adjusted returns on investments.
The resort is expected to be completed by the end of 2010. The 90,000 sq m island is ideally located at the “northern” end of the “Asian” area of The World overlooking the Arabian Gulf. 113 villas are planned for the resort classified in different categories such as three and four bedroom Sunset Beach villas, two bedroom Canal View and Garden View villas, as well as Lagoon Homes and Water Homes that consist of suites, studios and 1 and 2 bedrooms.
Each unit is uniquely situated on the island. The Lagoon Homes and Sunset Beach villas are right on the beach with stunning vistas. Canal View units have their own exclusive yacht dock. And finally, the Spa units will have open sea views.
The island will enjoy two beaches, one facing east and the other west. The dock will be spacious enough to fit 25 yachts. The island will also offer a luxurious spa, two exclusive restaurants and a sunset lounge. The resort will be operated by a world renowned boutique hotel operator. - TradeArabia News Service