Nakheel, the developer of Dh110 billion ($30 billion) worth of property in Dubai, and Donald Trump are investing Dh1.46 billion ($400 million) in The Palm Trump International Hotel and Tower.
The Palm Trump International Hotel and Tower will provide a centrepiece hotel on The Golden Mile the residential and retail boulevard on the trunk of The Palm Jumeirah.
It will feature 500 apartments, and each residence will have access to five-star hotel services. It will also include a selection of high-end boutiques, fine dining, roof-top restaurants, bars, swimming pools, a spa and a health club.
The Palm Trump Tower is the initial development in Nakheel and the Trump Organisation's exclusive joint venture in the Middle East. The Trump Organisation's agreement with Nakheel includes exclusive rights for 19 countries in the Middle East and 17 brands.
Trump will be investing substantial sums directly in the projects, and will have sales, marketing and management responsibility for each real estate development. Sales of Palm Trump Tower units are expected to start at the end of 2005 in Dubai.
"I am delighted to invest, manage and sell this project on what is clearly the best location in Dubai," said Trump.
"When I look at potential sites for real estate investment, I concentrate on 'location, location, location' and this is not only the best location in Dubai, but the whole of the Middle East," he said.