May 21 2008 |
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VCB plans to develop Dh1.5b resort in Dubai
Venture Capital Bank (VCB) , a Bahrain-based Islamic investment bank, has incorporated World Development Company, paving the way for developing Dh1.5 billion worth of a luxury resort on Nakheel 's exclusive project - the World. VCB will invest 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 development.AbdulLatif Al Janahi, VCB board member and chief executive officer, said: "It is an honour to be among the elite investors chosen to invest in Nakheel 's one-of-a-kind project. We are pleased to be one of a select few financial institutions to invest in the development. This will be a remarkable step for us."
Hamza Mustafa, director of the World, said: "We are proud to have VCB investment in the development. We invite only the very best investors, like the Venture Bank, to develop the islands within our project to ensure that the development will be the ultimate luxury-tourism destination when complete. This marks another successful investment in our project."
VCB is the first Islamic investment bank in the GCC and Middle East and North Africa 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, providing risk-adjusted returns on investment.
The value of VCB 's planned luxury resort is estimated at Dh1.5 billion with an expected completion date of 2010 end. The 90,000-square-metre island is ideally located on the northern end of the "Asian" area of the World overlooking the Gulf.
It will have 113 planned villas 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 one and two 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 seaviews. 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. Nakheel invites a select group of investors to invest in the World each year.
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