Nakheel Group, a leading investment firm in Dubai, is planning to invest in the Ha Long Star complex, a QuangNinh based project with an investment outlay of $550 million. This was revealed by the Committee of Promotion and Investment Support at QuangNinh (QuangNinh IPA).
The officials at Nakheel Group have already signed a memorandum of understanding (MoU) with QuangNinh officials and are expected to visit the province in 2015 to implement the investment.
The exact size of the proposed investment was not disclosed.
The Ha Long Star project covers an area of 125 hectares and will include a five-star 250-room hotel, 226 villas, 85 townhouses and residential building with 114 apartments along with entertainment complex and commercial center.
In recent months, a Taiwanese group – Happiness Cement Corporation has also shown interest to invest about $1 billion for developing an eco-tourism complex in Quang Yen commune, northern district of QuangNinh province.
QuangNinh province, which has a population of 1.1 million, is being developed as resort city in Vietnam, in tandem with its UNESCO World Heritage Site – Ha Long Bay. It is one of the most attractive provinces in Vietnam to investors who are interested in tourism.
Nakheel Group is a Dubai-based real estate developer and has many major projects to its credit,including the world famous $14 billion Palm Island Jumerah. In the first six months of 2014, the group reported profits of Dh1.85 billion ($504 million), an increase of 54 per cent compared to the same period last year.