76 hectare development marks major strategic investment for Dubai World company resort planned to open in 2009
Dubai, UAE - Istithmar, a Dubai World company, today announced plans to invest US$ 150 million in developing a new luxury resort in Zanzibar, following a major strategic agreement between the company and the Zanzibar government.
The 76-hectare site at Muyuni Beach will contain a 50-room residence and spa retreat, and a 150-room luxury hotel. Both of the developments will be operated by major international luxury hotel brands.
In addition, private luxury beach villas will be developed for sale at the resort, as well as a fisherman's village and water-sports centre, a sports club and children's centre. All developments will make the most of the access to the three kilometre length of Muyuni Beach. The land overlooks a marine reserve comprising four distinct habitats which are home to a diverse array of Indian Ocean wildlife including green turtles, humpback whales, whale sharks and more than 600 species of coral reef fish.
Sultan Bin Sulayem, Chairman of Dubai World, the parent company of Istithmar, said:
"Our strategy is to develop a balanced portfolio of properties across the world in markets that will deliver the returns that we and our partners seek. Zanzibar is one of the world's upcoming destinations and we believe that this resort will become a major contributor not just to the Istithmar portfolio, but also to the local economy and local people.
"This is the second Indian Ocean development deal completed by Dubai World this month - following our recently cemented partnership with the government of Comoros. It marks another clear step forward in our growing relationship with Africa, which is fast becoming a major focus of our investment strategy. We expect to make further announcement of acquisitions in the near future."
Abdul Wahid A. Rahim Al Ulama, Dubai World Group Chief Legal Officer, who negotiated the deal with the Zanzibar Government, said:
"A strong working relationship with the Zanzibar Government and clear shared goals have been crucial factors in Istithmar's investment in this development. Muyuni Beach is a truly stunning location. It is our vision to create a world-renowned eco resort, with luxury facilities to match the natural beauty of the area."
Work on the US$ 150 million project will start immediately, with completion targeted for 2009.
Muyuni Beach is situated on an exclusive part of Zanzibar and overlooks an atoll of coral reefs boasting some of Africa's leading dive sites. Mnemba, a 45-minute drive from Zanzibar City, is home to the island's famous Stone Town, a world heritage centre. The destination is a three-hour flight from Johannesburg and only a 15 minute flight from Dar Es Salam.
The announcement of the plans for Zanzibar follows an announcement earlier this month of a partnership with the government of Comoros which will see the development of a luxury Indian Ocean island beach resort. Last year, Istithmar purchased the V&A Waterfront in Cape Town, South Africa, and is also behind the development of the Djibouti Kempinski Palace Hotel in Djibouti City.
- Ends -
Notes to editors:
The Zanzibar Archipelago and its 'Spice Islands', discovered by Arab traders in the 8th century, are bathed in the heady scents and romance of a bygone era. Traditional dhows (coastal Arab sailing vessels) drift across the horizon, and gentle soft-spoken islanders tend to your every need. You may fill your days relaxing on the soft white-sand beaches or indulging in irresistible pursuits in the gloriously warm waters. Fresh fruit, fish and shellfish are served daily, and romantic candle-lit dinners at the water's edge will capture your soul.
Muyuni Beach, with untouched pearl white sand overlooking bright turquoise sea, is surrounded by an atoll of breathtaking coral reefs, and boasts some of Africa's most wonderful dive sites. Mnemba is renowned as one of the most romantic ocean destinations in the world, offering a privacy and rustic exclusivity unparalleled on the African coastline.
. Nesting place of threatened green turtles
. Seasonal viewing of humpback whales
. Encounters with three species of dolphin
. Excellent opportunities to view whale sharks (the world's largest fish)
. Migratory and resident shore birds feed and roost on the Island
. Approximately 600 species of coral reef fish
About Dubai World
Dubai World is a major holding company that manages and supervises a portfolio of businesses and projects for Dubai Government and contributes to the rapid economic growth of the emirate across a wide range of strategic industry segments and projects that make Dubai a leading hub for commerce and trading.
Dubai World was established under a decree ratified on March 2, 2006 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of UAE and Ruler of Dubai.
On July 2, 2006 it was launched as one of the world's leading holding companies, with more than 50,000 employees in over 100 cities around the globe.
Chaired by Sultan Ahmed Bin Sulayem, Dubai World was mandated with a vision to continue expanding Dubai's aggressive growth, at home and abroad. It comprises of development, investment, marine services, commodities, and ports and free zone divisions.
Dubai World is a powerful growth engine with an unprecedented collection of companies including: DP World, the third largest port operator in the world, Economic Zones World, Nakheel, Drydocks& Maritime World, Limitless among others.
Some of Dubai's iconic projects, like Nakheel's The Palm Islands and The World are unique real estate concepts that bear the signature of Dubai World. The group also has extensive real estate investments in the US, the UK and South Africa, unique hospitality destinations in every corner of the world, and a growing global port footprint from China to Peru and Australia to Germany.
Dubai World business strategy is driven by a combination of acquisition and investment in diverse fields and is designed to deliver real, measurable results to Dubai World's business units and investment partners.
Board Members
Dubai World's Board members include: Sultan Ahmed Bin Sulayem (Chairman), Jamal Majid Bin Thaniah, Ahmed Butti Ahmed, Saeed Ahmed Saeed, Chris O'Donnell, Saad Abdul Razak, Geoff Taylor, Maryam Sharaf, Suleiman Al Mazrouei, Khulood Al Rostamani, David Rutledge, David Jackson, Alan Rogers and Omar Hijazi.
For more information, please contact:
Mustafa Al-Sheikhly
Account executive - Four Middle East
Four Communications Group
PO Box 502099, Office 420, Building 8
Dubai Media City, Dubai , UAE
T. +971 4369 3542
F. +971 4 362 5358
M. +971 50 422 9101
© Press Release 2007
