Real Madrid-themed UAE island seeks investors

AP News
Posted: Mar 29, 2012 7:32 AM
Real Madrid-themed UAE island seeks investors

A proposed island resort complex in the United Arab Emirates using the brand of the Real Madrid football team is still working to line up investors, the executive in charge of the development said Thursday.

The Spanish club announced plans for the $1 billion Real Madrid Resort Island project in the emirate of Ras al-Khaimah earlier this month.

Ras al-Khaimah is one of seven semiautonomous city-states that make up the Gulf federation of the UAE. It includes glitzy Dubai and the oil-rich Abu Dhabi.

Project CEO Louis-Armand de Rouge told reporters that a locally based company plans to begin seeking out investors in a "road show" starting in April.

De Rouge heads the RAK Marjan Island Football company that was set up to develop the 50 hectare resort.

The firm is controlled by the northern emirate's government-controlled RAK Investment Authority.

Real Madrid and its UAE business partner did not say how much they are contributing to the project.

Plans call for it to include a theme park, a stadium, marina and other attractions on a previously built artificial island off the emirate's Gulf coast. They also plan to build hotels and residential property such as high-end villas and apartment towers.

Officials say they hope to attract both individual and institutional investors for the project, which is scheduled to open in January 2015.