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Bekijk Volledige Versie : Trump reveals Dubai tower joint venture



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03-05-06, 22:35
After building skyscrapers, hotels and casinos in the US, the Trump Organisation on Tuesday switched its focus to Dubai when it announced plans for a $600m towerthat will become the centrepiece of the Palm, the largest man-made island in the world.

The tower, which will be built by Trump and Nakheel, the Middle Eastern real estate developer, will be a 48-storey mixed-use hotel and residential building.

The property is the first product of a Trump-Nakheel joint venture formed to develop real estate.

Donald J. Trump Jr, executive vice-president of development and acquisitions and son of the group's founder, said the group planned to develop property in other parts of Dubai.

"The great thing about Dubai, what makes it different from other emerging real estate markets, is that there is so much going on there with tourism and other opportunities?.?.?.?it is becoming the financial epicentre of the Middle East," he said.

He added that the company was keen to create a "magnet for tourists and residents and a landmark icon on the Dubai skyline".

The Palm is the first of three man-made islands to be built off the coast of Dubai. The development will have a range of hotels, residences, retail outlets and leisure facilities.

The Trump-Nakheel development comes as Kerzner International, the gaming company founded by Sol Kerzner, the South African casino magnate, has begun work on a $1.2bn leisure and tourism development on the Palm.

The group has formed a joint venture with Istithmar, an investment company owned by the Dubai government, to build "Atlantis", a 125-acre water park, marina and hotel development on the apex of the Palm.

About 5.5m tourists visit Dubai each year. The emirate expects this to rise to 15m by 2010.

Copyright 2006 Financial Times