Sunland Group Ltd has entered into a 51:49 joint venture with Gulf Resources, a subsidiary of Emirates Investment Group, to develop the Palazzo Versace Hotel & Condominiums in Dubai.
The Emirates company is associated with Sheikh Tariq bin Faisal Al Qassimi, a member of Sharjah’s ruling family. He’s also chairman of Sharjah’s Economic Development Board.
Gulf Resources will finance development and Sunland will deliver the project. Design & styling will come from the House of Versace, as it did for Sunland’s Palazzo Versace hotel on the Gold Coast.
Part of the deal is that Gulf Resources will buy 49% of the $A85 million Gold Coast hotel.
The agreement is conditional on Sunland arranging new financing for the Gold Coast hotel joint venture. Settlement is scheduled for July 2005.
The deal was signed on 22 December by Sunland joint managing director Soheil Abedian and Emirates Investment Group managing director Reza Jaffar, with acting Queensland Premier Terry Mackenroth along as well.
The Queensland Government has developed strong alliances with Dubai businesses and introduced Gulf Resources to Sunland.
Sunland will establish its international division in Dubai. Beyond the Palazzo Versace project, the joint venture will develop other resorts and commercial & residential projects in the Gulf region.