VC Bank to develop resort on The World

Dubai: Venture Capital Bank (VC Bank), a Bahrain-based Islamic investment bank, has incorporated World Development Company for developing a luxury resort on Nakheel's exclusive project, The World, a company statement said.

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 groups of investors.

Abdul Latif Al Janahi, board member and chief executive of VC Bank, said: "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."

Director of The World Hamza Mustafa said: "We are proud to have VC Bank invest in The World. We invite only the best investors, like VC Bank, 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."

VC Bank is the first Islamic investment bank in the Gulf Cooperation Council (GCC) and Middle East and North African (Mena) region to specialise in venture capital investment opportunities.

The value of VC Bank's planned luxury resort is estimated at Dh1.5 billion and its expected completion date is the end of 2010. The 90,000-square metre island is ideally located at the 'Northern' end of the 'Asian' area of The World overlooking the Arabian Gulf, in which 113 villas are planned - classified in different categories such as three- and four-bedroom Sunset Beach villas, two-bedroom Canal View and Garden View villas, as well as Lagoon Homes and Water Homes that consist of suites, studios and 1 and 2 bedrooms.

Each unit is uniquely situated on the island. The Lagoon Homes and Sunset Beach villas are right on the beach with stunning vistas. Canal View units have their own exclusive yacht dock. And finally, the Spa units will have open sea views.

The island will enjoy two beaches one facing east and the other west. The deck 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.