Bahrain-based Venture Capital Bank has set up World Development Company for the purpose of developing a Dh1.5 billion luxury resort to be completed by 2010 on Nakheel's The World project.
VC Bank will invest in and develop the island located in the "northern Asia" area of the archipelago of 300 islands, it said in a statement. Chief Executive Abdullatif Al Janahi said: "It is an honour to be amongst the elite investors chosen to invest in Nakheel's one of a kind project."
Director of The World, Hamza Mustafa, said: "We are proud to have VC Bank invest in The World."
VC Bank is the first Islamic investment bank in the GCC and Mena region to specialise in venture capital investment opportunities. Real estate investment is one of four areas of unique investment opportunities across a number of asset classes designed to drive business growth in portfolio investment, and provide risk adjusted returns on investments.
The 90,000 square metre island on which VC Bank's resort is located is at the "northern" end of the "Asian" area of The World overlooking the Arabian Gulf. As many as 113 villas are planned for the resort.
The island will enjoy two beaches, one facing east and the other west. The dock will be spacious enough to fit 25 yachts. The location will also offer a spa, two restaurants and a sunset lounge.