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SKAISquare Kilometer Array Interferometer
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Skai Holdings, the property investment company building the $1bn Palm Viceroy hotel in Dubai, has announced plans to build a $326.9mn (AED1.2bn) four-star hotel in the city's Jumeirah Village Circle district.
The firm, which partnered with Viceroy Hotels and Resorts, announced it had sold 470 hotel rooms and hotel apartments and 219 residential apartments and villas to date in a freehold sales model, which allows investors to lease back their room to the hotel and earn revenue on its use, which SKAI estimates will offer an annual rate of return estimated at 12%.
Amit Arora will oversee the operational requirements for SKAI Holdings' deluxe serviced apartments operations and will be responsible for growing the company's hospitality division.
The US-based operator Viceroy Hotels and contractor China State Construction Engineering Co have both invested in the project, with the latter setting up a joint venture with Skai Holdings to deliver the scheme.
Skai, chief executive officer (CEO) of real estate development, Nabil Akiki, said: "Completing 40% of the Viceroy Dubai Jumeirah Village marks a significant milestone for us, and demonstrates our pledge to complete this project on time in spite of the fire last August.
The financing agreement, which further reaffirms Skai Holdings' commitment to the UAE's hospitality sector, was arranged by the Industrial and Commercial Bank of China (ICBC), China's largest bank, marking its first project financing deal for a hospitality project in the Middle East.
China Estate Construction Engineering Corporation (CSCEC) Middle East, the conglomerate's regional arm, announced on Tuesday that the company will invest in Skai Holdings' Dh3.67 billion hotel development on the Palm Jumeirah.
SKAI (Surya Kabita Amlan Ishan) Foundation, non-profit organization established by Dr.
"We should not expect to be finished before the first or second week of October, because parliaments need to vote and banks to complete their own processes," he told SKAI Radio.
"The two major fronts in Athens are clearly abating now, we re doing very well, there is no danger," fire brigade chief Stelios Stefanidis said on Skai television.
A poll by Public Issue for Skai TV showed that 90 percent of Greek public sector workers were against a 30 percent cut in Christmas, Easter and holiday bonuses.