Dubai developer Nakheel said on Monday it has formally signed a joint venture agreement with RIU Hotels & Resorts to debut its hotel brand in the emirate in 2019.
Ali Rashid Lootah, chairman of Nakheel, travelled to Mallorca to sign the agreement with Luis Riu, CEO of RIU Hotels, a statement said.
The planned RIU hotel, which has an investment value of $170 million, will be located at Nakheel's Deira Islands master development, will have 750 rooms and will offer 24-hour All Inclusive service.
Deira Islands is one of Nakheel's large-scale coastal projects in Dubai and it will feature, in addition to hotels, the Deira Mall retail and entertainment complex, the Deira Islands Night Market with 5,300 shops, a marina and an amphitheatre seating 30,000 people.
Riu said: "The formal signing of this partnership represents another step towards making the first RIU project in the Middle East a reality. We're proud to have a partner with the experience and prestige of Nakheel for undertaking this ambitious project.
"Dubai is one of the great new centres of international tourism as it represents a strategic enclave on the route between Europe and Asia".
Lootah added: "Under this new partnership, Nakheel will proudly introduce one of the world's biggest, most respected names in hospitality and an entirely new concept in hotel accommodation to Dubai. This is a major milestone for our growing hospitality business and a significant step towards creating a new range of affordable, family resort-style hotel accommodation in the Emirate, in line with the government of Dubai's tourism vision for 2021."
Nakheel said Deira Islands will add 40km, including 21km of beachfront, to Dubai's coastline.