May 21 2008 |
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VC Bank to develop Dh1.5 billion resort on Nakheel's The World
DUBAI -- Venture Capital Bank (VC Bank) , a Bahrain-based Islamic investment bank, has incorporated World Development Company Limited for the purpose of developing a luxury resort on Nakheel 's exclusive project, 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.
AbdulLatif Al Janahi Board Member and CEO of VC Bank commented "It is an honor 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."On his side, the Director of The World, Hamza Mustafa 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 value of VC Bank 's planned luxury resort is estimated at one and a half billion dirhams and the expected competition date will be the end of 2010, the company said in a Press statement. The 90,000 square meter 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 have 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 spa, two exclusive restaurants and a sunset lounge. The resort will be operated by a major boutique hotel operator.
Nakheel invites a select group of investors to invest in The World each year. Reclamation on the islands was completed in January this year and demand for the islands remains high as the first developments are starting to take shape.
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