Another huge Kuwaiti deal for The Palm

The deal involves the acquisition of the land and eventual development of two separate luxury hotel properties with a total estimated investment value approaching 600 million dirhams.

Abdul Aziz Mubarak Al-Hassawi, Vice Chairman of The Kuwait Commercial Real Estate Centre said, "We are completely inspired by The Palm development and are now very proud to be able to say that we are part of it. It is not only an exciting project for Dubai but for the region as a whole. We applaud Sheikh Mohammed's vision for this project and continue to delight in watching this remarkable engineering masterpiece grow".

"In total our two prestigious hotel properties on The Palm will cover 700,000 sq ft. These hotels will be themed and offer a luxurious experience in the most tranquil of locations. Although we are yet to determine the exact concept and designs for each hotel we expect to finalise this phase shortly, and will in turn embark on a tendering process for consultants as soon as is practically possible", continued Al-Hassawi.

The Kuwait Commercial Real Estate Centre has been established for 40 years. Its two main business focuses are trading and investing in land and real estate and owning and operating hotels. It currently owns and operates the five-star Radisson SAS hotels in Riyadh, Jeddah and Sharjah and the 4-star Radisson SAS hotels in Beirut and Yanbu amongst other properties. Its head office is based in Kuwait with subsidiary offices in Sharjah, Damman, Riyadh, Jeddah, Bahrain, Beirut and London.

"The Kuwait Commercial Real Estate Centre is a well reputed company within the region in the real estate and hotel arena, and we are delighted to welcome them to the growing list of prestigious hotel groups developing properties on The Palm", said Sultan Ahmed Bin Sulayem, Executive Chairman of Ports, Customs and Free Zone Corporation and Chairman of The Palm.

"We are currently ahead of schedule on The Palm Jumeirah, with reclamation now 80 percent complete. For this island the current priority is to complete the final 20 percent of reclamation and move promptly into the infrastructure and construction phases", Bin Sulayem continued. "The positive feedback we are receiving on the development from the general and business communities at both a local and international level has been enormous, and continues to provide us with the determination to deliver this extraordinary project to the people of Dubai".

The Palm is set to provide the exotic attractions of far-away destinations, combined with the advantages of being on the doorstep of a thriving cosmopolitan city. Not only will there be an abundance of specially themed hotels, there will also be discreet restaurants, exclusive shopping, marinas and unique leisure and entertainment facilities.