By John Irish
Kuwait Commercial Real Estate Centre signs hotel deal for Dubai Palm Project.
The Kuwait Commercial Real Estate Centre last night (Jan 29) secured two new hotel plots for the Dubai Palm Project, after sealing a deal with the Dubai Palm Developers LLC. The deal, estimated to be valued at Dhs600 million will mean that the company acquires the land and will have a contract for the development of two luxury hotels on the palm islands. The Kuwait Commercial Real Estate Centre currently owns and operates a host of five-star hotels throughout the Middle East.“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. It is not only an exciting project for Dubai but for the region as a whole,” said Abdul Aziz Mubarak Al-Hassawi, vice chairman of the Kuwait Commercial Real Estate Centre.According to Sultan Ahmed Bin Sulayem, chairman of The Palm project, construction is currently ahead of schedule with 80% reclamation of The Palm Jumeirah complete. The deal with the Kuwait Commercial Real Estate Centre is just the latest agreement in a long line of investment programs since the launch of The Palm Project in 2001.“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,” said Bin Sulayem.The Palm project is part of an ongoing ambitious drive by the UAE to turn the country into a thriving tourism hub. The full completion of the first island, which will primarily be a residential area, is expected by the end of 2005, with the reclamation of the second island, The Palm, Jebel Ali to be finished by 2006.