Mubasher: UAE’s real estate developer Nakheel signed a joint-venture agreement with RIU Hotels & Resorts, under which the latter will open its first RIU hotel in Dubai by 2019 at an estimated cost of $170 million.
Thus, RIU becomes the first international hotel chain, and the only Spanish one, to sign an agreement with Nakheel that intends to build 10 hotels across Dubai as part of its expansion plan for the hospitality and leisure segments.
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 one of the great new centres of international tourism as it represents a strategic enclave on the route between Europe and Asia".
For his part, Nakheel Chairman Ali Rashid Lootah said, "Under this new partnership, Nakheel will proudly introduce one of the world's biggest, most respected names in hospitality and an entirely new concept in hotel accommodation to Dubai. This is a major milestone for our growing hospitality business and a significant step towards creating a new range of affordable, family resort-style hotel accommodation in the Emirate, in line with the government of Dubai's tourism vision for 2021."
