Government-owned Investment Corporation of Dubai (ICD) has secured approval to build the $1.5bn Royal Atlantis Resort and Residences in Dubai.
Planned to be built on the crescent of The Palm and next to the Atlantis resort, the 46-storey Royal Atlantis will feature 800 rooms, suites and 250 luxurious hotel apartments.
In addition, the project will also house recreational, entertainment and services facilities, private gardens and infinity pools.
The resort will be developed in association with Kerzner International.
ICD CEO Mohammed Ibrahim Al Shaibani was quoted by Gulf Business as saying: "This next phase of Atlantis, including the luxury residences of The Royal Atlantis, will continue to drive the growth of Dubai forward.
"This investment reaffirms ICD's commitment to support the long-term growth of our domestic hospitality market, a key pillar and growth sector for the Dubai economy."
Ruler of Dubai and UAE prime minister and vice-president Shaikh Mohammed bin Rashid Al Maktoum have stated that the resort will be completed by 2018.
In addition to the Royal Atlantis Resort and Residences, the ICD is also undertaking the AED2.5bn ($680m) One Za'abeel project, the first phase of AED8bn ($2.17bn) Dubai Waterfront mixed-use project and the Warsan project featuring 2,100 residential units and a school for 3,000 students.
Located between the Dubai World Trade Centre and Za'abeel Park, the One Za'abeel project will feature two towers connected by a suspended bridge and housing 550 residential units, two hotels and 130 hotel apartments.
ICD has also partnered with Kerzner International to build Atlantis resort in China on an area of 60ha.
Image: A model of the proposed $1.5bn Atlantis Hotel and Resort at Palm Jumeirah in Dubai. Photo: courtesy of Investment Corporation of Dubai.