Business | Tourism
Dubai plans Singapore and China hotel projects
Dubai World, the state-owned investment group that agreed to invest as much as $5.1 billion in MGM Mirage, plans to open at least three hotels in the Middle East and Asia with its US partner.
- Bloomberg
- Published: 22:58 January 26, 2008
Davos: Dubai World, the state-owned investment group that agreed to invest as much as $5.1 billion in MGM Mirage, plans to open at least three hotels in the Middle East and Asia with its US partner.
Dubai World plans "to take the brands of MGM for non-gaming hotels in Dubai, Singapore and China," Chairman Sultan Bin Sulayem said in an interview at the World Economic Forum in Davos, Switzerland, yesterday. "I assume we'll be investing, though they can join us if they want."
Istithmar, an investment unit of Dubai World, agreed in September to pay $1.1 billion with partners City Developments and Elad Group for rights to build a hotel and commercial development near Singapore's Raffles Hotel. A five-star hotel on that site will probably be an MGM project, Bin Sulayem said. A Chinese site is "being investigated."
Collaboration
Las Vegas-based MGM, the casino operator majority owned by billionaire Kirk Kerkorian, is in talks with Dubai to collaborate on resorts in the Middle East, Singapore, Vietnam and Beijing, chief executive officer Terrence Lanni said in an interview on October 30.
MGM opened a casino last month in Macau with Pansy Ho, daughter of Chinese gambling mogul Stanley Ho.
Macau is the only location in China where casinos are legal.
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