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RPT-Dubai to invest $150 mln in Zanzibar resort

Thu Sep 20, 2007 8:35am EDT

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MANAMA, Sept 20 (Reuters) - Dubai government-owned Istithmar will invest $150 million in developing a luxury resort in the Indian Ocean island of Zanzibar, the private equity firm said in a statement on Thursday.

The 76-hectare site will contain a 50-room residence and spa retreat, and a 150-room luxury hotel. Both developments will be operated by major international luxury hotel brands, Istithmar said.

The deal is one of a string of recent hotel and leisure industry investments undertaken by Istithmar and parent firm Dubai World.

Earlier this month, Dubai World said it would invest $5.2 billion in U.S. casino operator MGM Mirage (MGM.N) by buying shares and half of a major Las Vegas project. In June, Istithmar bought the Cunard liner Queen Elizabeth 2.

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