State-owned property developer Nakheel has awarded a 385 million dirham ($104.83 million) contract to Bin Ladin Contracting Group LLC Dubai for the construction of a hotel resort and water park on Deira Islands in Dubai, it was announced on Wednesday.

The contract for the construction of the 800-room resort was awarded by a joint venture between Nakheel and Spain’s RIU Hotels & Resorts and will mark the Spanish firm’s first project in the Middle East.

Construction will take two years to complete and is part of a total investment value of 670 million dirhams, Nakheel said in a press statement.

The resort will include seven food and beverage outlets, three swimming pools, a fitness complex, a children’s club and a water park.

Nakheel in October reported a 4 billion dirham profit for the nine months to September 30, a year-on-year increase of 2.3 percent.

The master developer’s hospitality portfolio currently comprises 17 projects, consisting of nearly 6,000 hotel rooms and serviced apartments across Dubai, in areas such as Palm Jumeirah, Deira Islands, Ibn Battuta Mall, Jumeirah Village and Dragon City. Two properties, at Dragon Mart and Ibn Battuta Mall, opened in 2016, with the remainder set to be built and developed in the coming years.

Last month, Nakheel signed a management agreement with France’s AccorHotels to develop a Raffles hotel on Palm Jumeirah in 2021.

(Writing by Shane McGinley; Editing by Michael Fahy)
(shane.mcginley@thomsonreuters.com)

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