Luxury Resort Planned for The World Islands

A Bahrain based Islamic investment bank, Venture Capital Bank (VC Bank), has incorporated a new company – The World Development Company Limited - for the purpose of developing a luxury resort on Nakheel’s exclusive project, The World.

VC Bank will invest in and develop the island located in the “northern Asia” area of the archipelago of 300 islands after being selected as one of the exclusive group of investors invited to invest in the development.

Mr. Abdul Latif Al Janahi, CEO of VC Bank said: “It is an honor to be amongst the elite investors chosen to invest in Nakheel’s one of a kind project. We are pleased to be one of a select few financial institutions to invest in The World project; this will be a remarkable step for us.”

The Director of The World, Mr. Hamza Mustafa said, “We are proud to have VC Bank invest in The World. We invite only the very best investors to develop the islands within our project to ensure that The World will be the ultimate luxury tourism destination when complete. This marks another successful investment in our project.”

How successful remains to be seen of course. Competition for tourists will be fierce. Jean Van Geysel in particular is developing a “boutique,” hotel of his own.

VC Bank is the first Islamic investment bank in the GCC and MENA region to specialize in venture capital investment opportunities. Real estate investment is one of four areas of unique investment opportunities across a number of promising asset classes designed to drive business growth in portfolio investment, and provide risk adjusted returns on investments.

The value of the planned luxury resort is estimated at 1.5 billion dh, which sounds like an awful lot, but is actually just over $400 million. Completion is planned for the end of 2010 – only 18 months away. The 90,000 m2 island is located at the “northern” end of the “Asian” area of The World overlooking the Arabian Gulf. Over 100 villas are planned for the resort 3 or 4 bedroom “Sunset Beach villas,” 2 bedroom Canal View and Garden View villas, and “Lagoon Homes” and “Water Homes” that consist of suites and studios.

The Lagoon Homes and Sunset Beach villas are right on the beach with vistas which will presumably include either the lagoon or the sunset. “Canal View” units have their own exclusive yacht dock, and once again, I am going with a view of the canal.

And finally, the Spa units will have open sea views. The island will enjoy two beaches one facing east and the other west. The dock will be spacious enough to fit 25 yachts. The Island will also offer a luxurious spa, two exclusive restaurants and a sunset lounge. The resort will be operated by a world renowned boutique hotel operator.

Nakheel invites a select group of investors to invest in The World each year. Reclamation on the islands was completed in January this year and according to Nakheel, despite very few announcements of developments, demand for the islands remains high. More on Private Islands.