Nakheel LLC and Kerzner International Limited have announced that the two companies have formed a joint venture to develop Atlantis, The Palm, which will ultimately include a 2,000-room resort and a water theme park.
Atlantis, The Palm will be located at the centre of The Palm, Jumeirah, a $1.5 billion land reclamation project in Dubai. The first phase of Atlantis, The Palm is an estimated $650 million development project that is expected to include a 1,000-room hotel and water theme park situated on 1.5 miles of beachfront.
This new announcement is part of the plan of Sheikh Mohammed bin Rashid A1 Maktoum, crown prince of Dubai and defence minister of the UAE, to diversify the economic base and substantially, which is what Kerzner International achieved in The Bahamas with the opening of Atlantis, Paradise Island in 1994.