18 May 2009
Zabeel Investments has received assurances from the developers of CityCenter that the Las Vegas project will be continued.
"There are indicators that CityCenter is back on track again. This is a good news for us because we have several food and beverage outlets in CityCenter," Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments.
Zabeel through its 50 per cent owned Light Group will be managing the Harmon Hotel & Spa, which forms part of MGM and Dubai World's 67-acre project, costing at least $8.6 billion (Dh31.5bn).
CityCenter has pushed back the opening of Harmon by one year to the end of 2010, a move that is slated to save $600 million in construction and other costs this year.
"We maintain an excellent, long standing and unique relationship with MGM and Dubai World and we are confident that things will come into fruition. We have received assurances from CityCenter. It's still going to happen, it's just going to happen a little bit longer," he said.
MGM Mirage is currently working to come up with a plan to fund CityCenter.
Zabeel Investments has received assurances from the developers of CityCenter that the Las Vegas project will be continued.
"There are indicators that CityCenter is back on track again. This is a good news for us because we have several food and beverage outlets in CityCenter," Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments.
Zabeel through its 50 per cent owned Light Group will be managing the Harmon Hotel & Spa, which forms part of MGM and Dubai World's 67-acre project, costing at least $8.6 billion (Dh31.5bn).
CityCenter has pushed back the opening of Harmon by one year to the end of 2010, a move that is slated to save $600 million in construction and other costs this year.
"We maintain an excellent, long standing and unique relationship with MGM and Dubai World and we are confident that things will come into fruition. We have received assurances from CityCenter. It's still going to happen, it's just going to happen a little bit longer," he said.
MGM Mirage is currently working to come up with a plan to fund CityCenter.
By Karen Remo-Listana
© Emirates Business 24/7 2009
