"A China State Construction Engineering Corp. unit agreed to invest in a $1 billion hotel and luxury-residential project on Dubai’s man-made island.
The state-owned developer, based in Beijing, formed a venture with SKAI Holdings, the project’s owner, the companies said today in a statement. The resort will include a 481-room hotel and 221 suites as well as 250 serviced apartments on the trunk of the palm-tree-shaped island known as the Palm Jumeirah.
“We can’t disclose the size of the investment,” SKAI Holdings Chief Executive Officer Kabir Mulchandani said by phone today. “It’s large enough to give the Chinese company joint management control of the project.”"
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