RPT-Dubai to invest $150 mln in Zanzibar resort
(Repeats to reach more subscribers)
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: Quote, Profile, Research, Stock Buzz) by buying shares and half of a major Las Vegas project. In June, Istithmar bought the Cunard liner Queen Elizabeth 2.
© Thomson Reuters 2008 All rights reserved
Help us advance this story. Provide relevant links or share your insights using our comment box. Please be considerate and help us by reporting any abuse you find. Reuters will delete comments that don't meet community standards.
Have a correction to this article? Email the editors
Sphere
Piracy fight
Obama visits Jewish shrine