Major deal signed to develop under-sea hotels in the region

Drydocks World, an international firm in the field of ship repair, has signed a major deal with BIG InvestConsult, a leading Swiss firm, to develop undersea hotels across the region.

The Drydocks World has unveiled a new deal with BIG InvestConsult holding the technology rights to build the World Discus Hotel. BIG InvestConsult is a major operator in the area of innovative technologies transfer, and investment projects, brokerage and finance.

The hotel will include a discus-shaped residential underwater building, which will be linked to another such discus above water. Funded by BIG, the company is now under discussion with other investors.

The concept of the hotel revolves around being an ultimate leisure facility with a structure located partly above water and partly underneath water, making it a residential underwater discus with an above water discuss.

According to the deal, Drydocks and Maritime World is the main contractor for construction of such new concept hotels and cities in the whole of Middle East, said a top official.

The Chairman of Drydocks World, Juma Buamim, said that two developments with five hotels attached to them are being planned in the Middle East, particularly, along the coast of Dubai and Abu Dhabi. The design and fabrication side for the project is the same concept as rigs. The project has seven different types of designs, in the range $50mn to $120mn, depending on the design. Plans are on, to build these around the world, not just in the UAE.

The BIG President, Bogdan Gutowski, said that Water Discus Hotel opens several new fields of development for hotel and tourism sector, housing, and city sector, along coastal off-shore areas, and new opportunities for ecology support by creating new underwater ecosystems and on underwater world protection.

Further, Gutowski mentioned that the company plans to create an international environmental program and Centre of Underwater World Protection in the UAE, with Water Discus Hotel being used as laboratory tool for oceans and seas environment protection and research.

During the boom years, 2002-08, extravagant projects were the hallmark of Dubai, making it home to man-made islands in the shape of palm, and housing world’s tallest tower and indoor ski slope. However, as the projects were built on massive amounts of leverage, the emirate was almost crushed following the 2008 global economic recession. But, due to strong logistics, and trade and tourism businesses, and its 'safe haven' image, Dubai's global profile received a boost and Dubai recovered.

Posted on 3/5/2012

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