Sunday, July 09, 2006

Dubai World strikes deal to develop Chinese island

Dubai World, the Dubai government-owned holding company that oversees the activities of real estate developers and investment firms like Nakheel and Istithmar has finalised a deal with the Chinese city of Qingdao to develop the island of Xiaomaidao.
Covering 16 million square feet, the island will host an international convention centre, hotels, shopping malls, marinas, residential, condominium and office spaces and tourism facilities.

“Qingdao has proven to be an important economic centre and the port hub of China. This affirms our timely initiative and our perception of China being the ripe market,” said Sultan bin Sulayem, Chairman, Dubai World. The agreement between Dubai World and Qingdao addresses economic co-operation in areas including real estate development, port services, ship-building, leisure boat piers, financial services and tourism.

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