Proposals for the new complex, which will be built on a prime location on Sheikh Zayed Road in Dubai, were released last week at a press conference held at the 34-year-old Metropolitan Hotel, which will be demolished to make way for the development.
Spread across one million square foot, the complex will include three luxury hotels, a 5-star serenity spa, multiple themed restaurants, state-of-the-art banqueting and meeting facilities, a shopping arcade featuring international designer brands, and a theatre billed as rivalling those on Broadway and in Las Vegas.
Khalaf Al Habtoor, chairman of Al Habtoor Group, said: “Parting with the Metropolitan Hotel, our first hospitality venture is not easy as it is filled with great memories, but I always believe in looking forward.
“The tourism industry in the United Arab Emirates and Dubai in particular, is constantly and steadily growing, and we have to be prepared to cater for the growing need of its visitors and residents alike."
He continued: “An investment of this magnitude will encourage other likeminded businessmen to regain their faith and will definitely send a very strong message to the national and the international communities that will help stimulate foreign direct investments from institutions and individuals alike.”
With a magnificent view of the Safa Park, and the Burj Khalifa Business Bay canal, the development will also overlook its own pristine landscaped garden.
Construction of the $1.33 billion project is due to begin in the first quarter of 2012, with expected completion within 48 months.