Asia stocks mixed post US-China talks    Egypt, Pakistan discuss boosting maritime cooperation in Suez Canal visit    EU economic sentiment improves in July '25    PM: Sisi's Gaza speech reaffirms Cairo's steadfast stance on Palestinian cause    Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Supply minister discusses strengthening cooperation with ITFC    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Real Madrid $1 bln Gulf resort eyes funding options
Published in Daily News Egypt on 30 - 03 - 2012

RAS AL-KHAIMAH, UAE: A holiday resort in the United Arab Emirates that will use the brand of nine-times European soccer champions Real Madrid has yet to finalize its funding options to build the $1 billion complex, the project's chief executive said on Thursday.
The 50-hectare (124 acre) resort, which is to be built on an artificial island in the emirate of Ras Al-Khaimah, is slated to open in January 2015. It will follow other audacious projects in nearby Dubai and Abu Dhabi, including the world's tallest tower, a Ferrari-branded theme park and man-made palm-shaped islands.
"The only problem we might face is selecting investors, not so much about whether we have the money to make it, but who will participate, because there are already heaps of people that want to buy most of it," Louis-Armand de Rouge, chief executive of Real Madrid Resort Island, told a news conference.
The Luxembourg-based firm will hold road shows in April for potential investors.
"The idea is to have six months study from now until year-end and then two years' construction," de Rouge said.
This confidence comes despite the failure of a slew of sports-themed projects in the UAE in the wake of the financial crisis, including a Tiger Woods-branded golf and real estate development.
Prospective investors for the Real Madrid resort included "individuals, private institutions and some financial institutions", de Rouge said.
He declined to reveal how much Real Madrid would invest in the Gulf coast resort, which will feature a 450-room hotel, a marina and yacht club and a Real Madrid museum, plus an amusement park and a 10,000-capacity stadium.
"There's no way this will endanger the financial safety of Real Madrid," said de Rouge.
Real Madrid claim to have 300 million fans worldwide — about 4 percent of the world's population. Around 60 percent of these followers live in Asia, which de Rouge said was a crucial factor in deciding to build the resort in the UAE.
The project will hire independent auditors to ensure the rights of workers building the resort were protected, de Rouge said.
This promise comes after more than 130 artists last year pledged to boycott Abu Dhabi's under-construction Guggenheim museum over what they said was exploitation of foreign workers, according to Human Rights Watch.
"We are fully conditioned of the way people work here, but we have no issue because we will make sure everybody loves what they do and can be treated fairly," added de Rouge. –Additional reporting by Warda Al-Jawahiry.


Clic here to read the story from its source.